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1st Semester Classes 4th Year > Law Final Exam > Flashcards

Law Final Exam Flashcards

1
Q

Bailment

A

Transfer of Possession of Personal Property WITHOUT transfer of Ownership

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2
Q

a) Owner of Property = ?
b) Possession is Held by = ?

A

a) Bailor
B) Bailee

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3
Q

2 types of Personal Property Leases

A
  1. Operating Lease
  2. Capital Lease
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4
Q

Operating Lease

A

No intention for ownership to change - JUST RENTAL (ex. Students renting housing)

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5
Q

Capital Leases

A

Ownership changes at end of the lease

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6
Q

Terms in a Personal Property Lease /7 (TPLM IPT)

A
  1. Term
  2. Lease PMT
  3. Location
  4. Maintenance
  5. Insurance + Other Costs
  6. Purchase option on the property
  7. Early Termination and minimum PMT
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7
Q

Rights of a Lessor /1

A
  1. Right to rent for the entire term even if the item is returned early
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8
Q

Lessee Rights in a K /3

A
  1. Gets Damages if wrongfully Disposessed
  2. Gets Damages for losses because of the defect
  3. Capital Leases usually exclude implied warranties by the lessor (not that important)
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9
Q

Types of Tenancies /3

A
  1. Fixed Term (expires on that day)
  2. Periodic Tendency (Auto Renew)
  3. Tenancy at will of Landlord (not a true tenant but occupies it from an agreement)
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10
Q

Covenants in a Landlord-Tenant Relationship /5 (RRRQR)

A
  1. Pay rent during the term
  2. Restrictions on the use of the Premises
  3. Responsibilities for Repairs
  4. Quiet Enjoyment
  5. Restrictions on assignment and subletting
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11
Q

Is a tenant usually responsible for maintenance?

A

Yes

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12
Q

Are landlords responsible for repairs?

A

Yes

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13
Q

Remedies of the Landlord for Breach of Covenant /4 (DRDI)

A
  1. Damages for rent (no duty to mitigate)
  2. right of re-entry (if they decided to evict someone they could re-allow their possession)
  3. Distress (seize if rent is unpaid)
  4. Injunction (to prevent prohibited use)
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14
Q

Remedies of the Tenant for breach by Landlord /3

A
  1. Damages
  2. Injunctions (to restrain for continuous breach) 3. Termination of Lease (Landlords acts have made premises unfit)
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15
Q

Lease is a (BLANK) to the land

A

Interest

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16
Q

What protects Residential Tenants?

A

Legislation

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17
Q

Fixtures 3 Part Test

A
  1. Has the object been affixed to the building with the intention that it become a fixtures
  2. What use is to be made of it, and how securely and permanently is it attached?
  3. How much damage will it cause if removed?
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18
Q

Employment Labour Standards /3

A
  1. Minimum Wage
  2. Maximum hours of work
  3. Paid vacation entitlement
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19
Q

Human Rights Code

A

Prohibits Discrimination and harassment in employment on prohibited grounds

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20
Q

Types of Protective Legislation /3

A
  1. Human Rights Code
  2. Workplace Safety
  3. Pay Equity
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21
Q

Workers Compensation (WSIA) /3 (IPR)

A
  • Replace wages for injured workers
  • Premiums based upon the level of risk of the industry
  • Rebates/surcharges based on experience
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22
Q

Pay Equity

A
  • Equal Pay for Equal Jobs
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23
Q

Common Law = ?

A

Judge-made law

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24
Q

Employment Relationship K is formed when?

A
  1. Offer
  2. Acceptance
  3. Consideration
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25
Q

Constrictive Dismissal

A
  1. Unilateral Fundamental Change to an essential Term in a K
    - Could be a reduction in salary
    (Employee can resign or sue as though terminated without just cause)
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26
Q

Employees have an implied duty of _ and _ (when taking about confidential info and intellectual property)?

A

Loyalty and Fidelty

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27
Q

Termination for Just cause what does the employer have to provide?

A

No need to provide notice or pay in lieu of notice

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28
Q

Termination for just cause might require a test to test poor performance.

A

yes

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29
Q

Are Economic conditions or efficiency conditions within a company a form of just cause for termination?

A

No

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30
Q

What must you do if you terminate someone without just cause?

A

Provide notice or pay in lieu of notice

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31
Q

Prima Facie Unenforceable (Restrictive Covenants)

A
  1. Inequality of Bargaining power
  2. Contrary to Public Policy
  3. non-competition covenants illegal in Ontario
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32
Q

The union acts as what for clients?

A

As a “Bargaining Agent”

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33
Q

Why Hire an Independent Contractor? /2

A
  1. Payroll obligations avoided
  2. Employment Standards avoided
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34
Q

Why would a business not hire an Independent Contractor? /2

A
  1. No control
  2. No duty of loyalty and fidelty
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35
Q

Test to determine the status of Independent Contractor /4

A
  1. Control of principal over work
  2. Who owns the “tools”
  3. Contractor’s chance fo profit or loss
  4. Is the Contractor doing business on his own account?
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36
Q

Can a K exist if there is no written agreement?

A

Yes

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37
Q

What is the agreement?

A

it is the “OFFER”

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38
Q

Risk of Written Employment Agreements? /4

A
  1. Breach of protective legislation
  2. Harder to make modifications to K
  3. Unionization
  4. Unenforceable restrictive covenants
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39
Q

Equity is

A

Ownership NOT DEBT

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40
Q

Capital is not _

A

Liability

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41
Q

Sources of Equity Capital /4

A
  1. Venture Capital
  2. Angels
  3. Private Equity
  4. Friends and Family
42
Q

Venture Capital firm Demands /3

A
  1. Preferred shares
  2. Shareholder Agreement
  3. Subscription Agreement
  4. Many demands (Also add Value)
43
Q

Angel Investor Demands

A
  1. Common Shares or Preferred Shares
  2. Some demands
  3. Subscription/shareholder agreement
44
Q

Private Equity Demands /4

A
  1. Preferred Shares
  2. Treasury
  3. Purchase agreement
  4. Many Demands
45
Q

Criteria on a Term Sheet /3

A
  1. Type of Securities (Shares)
  2. Valuation and Price
  3. Board Composition
46
Q

Venture Capital Firm Life /3

A

Commitment period
Firm Period
Extension

47
Q

The basis for Taxation is on?

A

Your Residence NOT citizenship

48
Q

What type of Tax system do we have?

A

Progressive system (as income goes up, so do our taxes)

49
Q

Employment Income is based on? & what is its highest rate?

A
  1. Salary or Bonus
  2. 53.53%
50
Q

What are forms of tax for Employment Income /3

A
  1. CPP
  2. EI
    3.T4
51
Q

Capital Gains = ?

A

Net - Capital Losses

52
Q

Do we carry Capital Losses

A

Yes, Carry capital losses back 3 years and forward indefinitely till paid.

53
Q

Taxation of corporations /2

A
  1. Separate leal Entity (meaning owners and shareholders aren’t accountable for paying its taxes)
  2. Flat Rates (not progressive)
54
Q

Integration of taxing Corporations vs Individuals /2

A
  1. Individuals = Personal Income (progressive tax rate)
  2. Corporation = Flat Tax Rate (All the same)
55
Q

Types of Corporations /1

A
  1. Public
  2. Private
  3. CCPC (Canadian-controlled private corporations)
56
Q

Subscription Agreement

A

An investors application

57
Q

Shareholder Agreement for New Equity Investors

A

The K outlining terms and conditions ie Preferred shares vs common shares

58
Q

Share Provisions

A

The rights, privileges, and conditions surrounding your shares.

59
Q

Crowdfunding

A

A large sum of people donating to your entrepreneurial cause.

60
Q

Duty to accommodate Hardship

A

Hire someone if they have disability if it doesn’t affect your overall organization

61
Q

General Advertising Rules /3

A
  1. Must be accurate and True
  2. Proof Tests
  3. Consumer preference and performance claims
62
Q

Price and Sales Claims must meet one of? /2

A
  1. Time Test: Goods offered in good faith at the “regular” price for a substantial period od time
  2. Volume Test: At least 50% of the stock volume must have been sold at the “regular” price
63
Q

Advertising rules on “Free” Claims /3

A
  1. NO CHARGE
  2. Consumer who declines the free offer should not be given a discount on the price of the product
  3. Cannot have it be free for more than 90 days or it becomes part of the regular price.
64
Q

Rules on “Clearance” Claims /2

A
  1. Price can no never go back up
  2. Stock cannot be replenished
65
Q

Social media is based on tons of laws but what major 4?

A
  1. Contest Law
  2. False and Misleading Advertising
  3. Privacy Law
  4. IP Infringements
66
Q

Labeling, Packaging, and Advertising ACTS in Canada /4

A
  1. Consumer Packaging and Labelling Act
  2. Food and Drugs Act
  3. Canada Consumer Product Safety Act
  4. Hazardous Products Act
67
Q

Consumer Packaging and Labelling act Criteria and what it does? /3

A
  1. It helps PREVENT false advertising and labelling
  2. Needs dealers name and principal place of business
  3. Location of labels and in both ENGLISH AND FRENCH
68
Q

Food And Drugs Act 3 Criteria

A
  1. Common name
  2. Q
  3. Ingredients
69
Q

The Canadian Food Inspection Agency helps with? /3

A
  1. Safety (Processing)
  2. Quality (Packaging)
  3. Quantity (Labelling)
70
Q

Competition Act Looks over?

A

False and Misleading Advertising

71
Q

How to avoid Misleading Advertising? /4

A
  1. Do General Impression Tests
  2. Do disclose facts that would be material in a consumers decision to purchase
  3. Make sure Factual representations are true.
  4. Review Ads before Presenting
72
Q

Disclaimers on goods

A
  1. Prominance: this includes the font size and colour relevance
73
Q

Copyright/Appropriation of Personality (i.e. Celebrities) /2

A
  1. Property Right: Need consent before using someone’s name or voice for commercial gain
  2. Privacy Right: Protects people from unauthorized use of persons name or likeness
74
Q

How can Lotteries be Legal /3

A
  1. Skill Testing Element
  2. No purchase Required
  3. Disclosure of Prizes and Odds
75
Q

Types of Property and Casualty Insurance /3

A
  1. Property Insurance
  2. Liability Insurance
  3. Insurance Policy
76
Q

Provincial regulation of insurance companies?

A

Financial Services Commission of Ontario (Market Conduct Review)

77
Q

Federal Regulation of Insurance?

A

Office of Superintendent of Financial Institutions (Prudential Review)

78
Q

4 basic provisions of K Insurance /4

A
  1. Nature of the risk covered
  2. Amount for which it is insured
  3. Duration of the protection
  4. Amount of the premium
79
Q

What does the Commercial General Liability Policy cover /2

A
  1. Property (fire, theft, and or damage)
  2. Liability (death or injury to the property of others)
80
Q

What does Liability Insurance Cover?

A

It cover negligent acts and omissions hurting a 3rd party

81
Q

Formation of the K for Life Insurance Happens when?

A

the Policy is delivered and the first Premium is paid

82
Q

Formation of the K for Property and Casualty happens when?

A

When the broker confirms coverage on behalf of insurance company

83
Q

Terms of insurance K /3

A
  1. Insured has the Duty of Good faith
  2. Insurers must process claims Fairly
  3. SUBROGATION: The insurance company acquires the legal right of the insured against the party causing the damage or injury
84
Q

Uses of Life Insurance /4

A
  1. protection for Dependents (think family)
  2. Pay taxes on death
  3. Buy out a shareholder
  4. Investment vehicle
85
Q

Types of Benefits /3

A
  1. Group Medical (Dental+medical)
  2. Group RRSP (Employee + Employer contribution_
  3. Pensions (Always defined)
86
Q

Types of Sales for a Business /3

A
  1. Share sale
  2. Asset Sale
  3. Amalgamation/Merger
87
Q

How to tell if your acquisition or merger was a success or failure /2

A
  1. Was it a cultural Fit
  2. Was it a financial fit
88
Q

Keys to success when acquiring a business /3

A
  1. Clearly define the value the merger will create
  2. Ensure culture compatibility
  3. Fully integrate the 2 businesses
89
Q

Advantages of going IPO /4

A
  1. New Capital
  2. Acquisitions Currency
  3. Alternative to sale
  4. INcreases Employee Retention
90
Q

Disadvantages of going IPO /4

A
  1. Risk of shareholder litigation
  2. Potential loss of control
  3. Potential for higher taxes
  4. Increased public & investor scrutiny
91
Q

How to avoid IPO Disadvantages (Preparation tactics) /3

A
  1. Select a good team
  2. Review Internal and financial systems
  3. Update the business plan
92
Q

Why sell your business /3

A
  1. Cash out
  2. Fund future growth
  3. No successor
93
Q

Preliminary Prospectus

A

Info given to potential shareholders before IPO release

94
Q

Preliminary Prospectus Steps /5

A
  1. Draft preliminary prospectus
  2. Full, true, and plain disclosure
  3. Underwriters conduct due diligence
  4. File preliminary prospectus
  5. Marketing during waiting period
95
Q

Who is liable for misrepresentation in the prospectus?

A

Issuer and Underwriters

96
Q

Reverse Take-over

A

When a small dormant private company acquires a large public institution (Very uncommon)

97
Q

Insider trading

A

A person with a special relationship with the reporting issuer

98
Q

Do tenants have right the right to remove fixtures?

A

yes, only if they install it for convenience and it cannot cause structural damage on the removal. The tenant is responsible for any repairs.

99
Q

What happens if the landlord sells the building?

A

Transfer of landlord’s interest continues between tenant and new owner. Can sue both new or old landlords for breach of K.

100
Q

Landlords must follow:

A
  1. Pay interest and security deposits
  2. go through special tribunals to deal with pursuits
  3. respect rent control
101
Q

Requirements for just cause termination /4

A
  1. Requires willful behaviour (this isn’t just because of poor performance)
  2. Balancing of misconduct or poor performance against employee history ( Common law)
  3. The employer has the burden of establishing the cause
  4. Difference between business cause and legal cause
    - Bad acting off duty can = cause (not always, but sometimes)
102
Q

Requirements for termination without just cause /2

A
  1. Notice or pay of lieu du notice
    - Fixed agreement may require PMT of the balance of the term
  2. ESA factors for indefinite employment
    - rules of severance to receive certain severance (max of 8 weeks)
    - or common law factors such as age, length of service ext.

1st Semester Classes 4th Year (4 decks)

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