Question

BUSINESS LAW

4. Because intellectual property rights are governed by statute. not common law, a plaintiff who has suffered a breach of its trademark rights cannot claim the equitable remedies of an injunction or an accounting: it can only receive an order for damages

1) True

2) False

7. If an employee becomes disabled, the employer must attempt to accommodate the employee so that her employment may continue, however only up to the point of undue hardship.

1) True

2) False

15. Your brother wants to borrow $80000 from the Bank of Victoria and has asked if you would guarantee the loan. You have been told the following with regard to guarantees. Which of the following statements is CORRECT?

1) As guarantor, you cannot be relieved of your obligation if the bank fails to disclose financial information in relation to your brother in the bank's possession.

2) A guarantor becomes liable on the debt as soon as the principal debtor defaults on the loan granted to him.

3) You, as guarantor cannot be relieved of your obligation if the bank does something to weaken your position-e.g., by agreeing with your brother to increase the amount without your consent.

4) If he defaulted on his payments and you had to pay the debt to the bank you would not be subrogated to the rights of the bank i.e., you would get the bank's right to sue your brother

5) A legally enforceable guarantee need not be in writing as long as it is witnessed.

27. Tim is employed as a software developer for a small company. He is assigned to head a project to develop new accounting software for an important client. The project has a strict deadline for completion: under its terms, the company must pay the client damages for every day it is late. After weeks of hard work and stress, the project is falling behind and not likely to be completed on time. One evening, while walking on the beach, Tim finds inspiration to seek a more peaceful life. The next morning, he telephones his manager to say that he is quitting immediately to live a life of quiet meditation. The manager desperately starts looking for someone to finish the project. In these circumstances, which of the following is FALSE

1) if the project is not completed on time and the client sues, the company can sue Tim for breach of contract

2) the company is legally obligated to mitigate its damages by reasonably trying to hire a replacement for Tim

3) Tim cannot be held liable because an employee does not have a duty to give notice when resigning

4) even if the Employment Standards Act does not require a minimum notice period to be given by an employee who quits, there is still a duty to give such notice in common law

5) an employee can leave at any time without notice if the employer has breached the employment contract by fundamentally changing its terms

28. Which of the following is FALSE if an inventor has her application for a patent granted:

1) She has the right to renew the period of protection at the expiry of the first period

2) She can no longer claim that the invention is a trade secret

3) She has the right to sue someone who uses the invention without her permission

4) Infringement of the patent can be a civil wrong

5) She has the exclusive right to make. use and sell the Invention for a period of 20 years

29. A secured creditor has the right upon default to:

1) Claim its contractual remedies

2) Seize the security

3) Sell the security

4) Sue the debtor rather than seize the security

5) All of the above

31. In regard to patent law, which of the following BEST describes an invention that can patented?

1) A genetically modified plant

2) An original artistic work

3) An important scientific theory

4) An idea for a new movie.

32. The Sale of Goods Act adds a number of implied terms to a sale of goods transaction. Which of the following statements is NOT an implied term under the Sale of Goods Act

1) The seller promises the buyer good title

2) The buyer is promised satisfaction or the right to get his money back

3) Goods sold by description must match the description

4) Where goods are sold by sample, the bulk of the goods must match the sample

5) The goods will be of free of liens and other eumbrances

35. Which of the following statements is FALSE in regard to "property":

1) Both real and personal property can be pledged as security to a creditor

2) Real property includes land but does not include the buildings on that land

3) Personal property includes intangible rights such as the right to receive payment of a debt

4) Personal property includes chattels

5) Real property includes "fixtures"

36. A trademark can be protected for an indefinite period of time if it is renewed every 15 years

1) True

2) False

37. Which of the following is NOT an example of a statute that protects intellectual property:

1) The Patent Act

2) The Trademark Act

3) The Copyright Act

4) The Industrial Designs Act

5) The Confidential Information Act

38. If a guarantor signs a continuing guarantee, he may continue to be bound by the guarantee even though the creditor and the debtor agree to later changes that put the guarantor at greater risk of being called upon to pay the debt.

1) True

2) False

40. Which of the following statements is FALSE regarding bankruptcy law:

1) A debtor may be insolvent without being in bankruptcy

2) A debtor who cannot pay his debts can make a voluntary assigns ent in bankruptcy

3) a debtor does not pay his debts, his creditors can force him into bankruptcy

4) A debtor is released from bankruptcy by a court order called "discharge"

5) When a debtor is released from bankruptcy. all his unpaid debts of every kind are cancelled

41. Which of the following is NOT just cause for dismissal of an employee:

1) Serious absenteeism

2) Consistently being late

3) Continual disobedience

4) Continual negligence or incompetence

5) The employer does not have enough work for the employee to do

44. Under the Sale of Goods Act, unless the parties have agreed otherwise, the purchaser of a finished good in deliverable condition bears the risk of loss from the moment the sale agreement is made, even though she will not pay for the good or take delivery until a week later.

1) True

2) False

48. Which of the following terms or documents is NOT used to determine when title or risk of loss pass to the buyer of goods:

1) Cost, insurance and freight

2) Free on board

3) Cash on delivery

4) Bill of lading

50. To which one of the following contracts would the Sale of Goods Act NOT apply:

1) A meal in a restaurant

2) The sale of a house

3) A sale of future goods when title will pass in the future

4) The purchase of a car

5) The sale of tangible personal property

Answer 1

4) ans:- True (An injunction is a court order that requires the other party to do or refrain from doing a specific act or acts. ... If, by granting the injunction, the harm caused to you is minimal and the harm caused to the defendant is great, then the court will likely deny the injunction and grant you money damages only.)

7)ans:- True (Under the Code, employers have a duty to accommodate the needs of people with disabilities to the point of undue hardship, to make sure they have equal opportunities, equal access and can enjoy equal benefits. The goal of accommodation is to allow people to take part equally in employment.)

15) ans:- A guarantor becomes liable on the debt as soon as the principal debtor defaults on the loan granted to him.

27)ans:-Tim cannot be held liable because an employee does not have a duty to give notice when resigning

28) ans:-She can no longer claim that the invention is a trade secret

29) ans:- All of the above

31) ans:- A genetically modified plant

32) ans:-The seller promises the buyer good title

35) ans:-Real property includes land but does not include the buildings on that land

36) ans:- True,A trademark can be protected for an indefinite period of time if it is renewed every 15 years

37) ans:-The Confidential Information Act

38) ans:-False

40) ans:- A debtor may be insolvent without being in bankruptcy

41) ans:-The employer does not have enough work for the employee to do

44) ans:- False (seller bears risk until actual sales done)

48) ans:- Cash on delivery

50) ans:-A meal in a restaurant