Core Curriculum Chapter 6 Flashcards
LEGAL SYSTEM - What are the main legal systems in Canada?
Common Law (used in most provinces), Civil Law (used in Quebec), Statutory Law (laws created by government), and Regulatory Law (enforced by administrative bodies).
COURT SYSTEM - What types of courts exist in Canada?
Superior Court (civil and criminal cases), Probate Court (wills and estates), Family Law Court (divorce, custody), Tax Court of Canada (tax disputes), and the Supreme Court of Canada (final appeals).
TORT LAW - What is a tort?
A civil wrong where one party suffers harm due to another’s actions, distinct from a criminal act.
TORT LAW - What are the three elements of negligence?
- Duty of care existed. 2. Duty of care was breached. 3. Harm resulted from the breach.
PROFESSIONAL DUTY - What duty do financial planners owe to clients?
A professional duty to provide competent advice, and in some cases, a fiduciary duty to act in the client’s best interest.
CONTRACT LAW - What are the key elements of a valid contract?
Offer & Acceptance, Consideration (exchange of value), Intention, Capacity, and Legality.
CONTRACT LAW - What can make a contract voidable?
Mistake, Misrepresentation, Undue Influence, or Duress.
FAMILY LAW - How is marriage legally defined in Canada?
A federal responsibility where two individuals enter into a legally recognized union through civil or religious ceremonies.
FAMILY LAW - What is the difference between marriage and common-law partnerships?
Marriage is legally binding under federal law; common-law partnerships vary by province and require cohabitation for 12-36 months.
FAMILY LAW - What are the legal grounds for divorce in Canada?
A one-year separation, adultery, or cruelty.
FAMILY LAW - How is child support determined?
Based on the payor’s income and provincial guidelines, generally around 20% of income for one child and 32% for two.
FAMILY LAW - How is spousal support determined?
Based on income disparity, contributions to the relationship, and financial need.
FAMILY LAW - How is property divided in divorce?
Married couples divide assets under matrimonial property laws; common-law couples may not have automatic rights unless contributions to assets are proven.
PROPERTY OWNERSHIP - What is the difference between Tenancy in Common and Joint Tenancy?
Tenancy in Common allows separate ownership shares to be inherited; Joint Tenancy includes the right of survivorship, meaning ownership automatically transfers to the other owner(s) upon death.
BANKRUPTCY - What is the difference between bankruptcy and a consumer proposal?
Bankruptcy eliminates most debts but damages credit for 6-7 years; a consumer proposal allows partial repayment over time while avoiding full bankruptcy.
SUCCESSION LAW - What happens if a person dies without a will?
Provincial intestacy laws determine asset distribution, usually prioritizing spouses and children.
SUCCESSION LAW - What is the role of an executor?
The executor manages the estate, settles debts, and distributes assets according to the will.
SUCCESSION LAW - What is probate?
The legal process of validating a will and confirming the executor’s authority to distribute the estate.
