Law 101; 200 Student Advantage:
Exam Questions with Clear Solutions
Module 9
Holding $10 out to your neighbour's daughter and telling her you will give it to her
if she mows your lawn IS considered acceptance T/F - Correct Answer ✔️✔
️false
Module 9
When you fail to complete your obligations in a contract, that is called - Correct
Answer ✔️✔️non-performance
Module 9
Specific performance is - Correct Answer ✔️✔️- a remedy that makes the
non-performing party go through with the contract.
Module 9
In Alberta, most people who own land do not hold the rights to the mineral
resources on or beneath the surface. T/F - Correct Answer ✔️✔️true
,Module 9
Signing up for a netflix account is considered a contract T/F - Correct Answer ✔
️✔️true
Module 9
Assuming all the elements of a contract are present- a verbal contract is just as
legal and binding as a written one T/F - Correct Answer ✔️✔️true
Module 9
In a unilateral contract, you make an offer and the other person accepts by -
Correct Answer ✔️✔️- doing the action listed in your offer.
Module 9
A reward poster is an example of - Correct Answer ✔️✔️a unilateral
contract
Module 11
In a corporation, how do directors obtain their position as a director? - Correct
Answer ✔️✔️They are elected by the shareholders.
Module 11
,Jovie runs a sole proprietorship called COOKIES DELIGHT. How will profits or
losses from the business be taxed? - Correct Answer ✔️✔️Any profits or
losses of COOKIES DELIGHT will be treated as Jovie's personal profits or losses for
income tax purposes.
Module 11
What 2 types of people exist in both corporations and cooperatives? - Correct
Answer ✔️✔️directors & officers
Module 11
Members of cooperatives who hold more shares have more votes & shareholders
have one vote each T/F - Correct Answer ✔️✔️False
Members have one vote each, while shareholders who hold more shares have
more votes.
Module 11
In Canada, directors of a corporation must act in the best interests of: - Correct
Answer ✔️✔️the overall corporation, including shareholders, employees,
and any other affected parties
, -Stakeholder theory
Module 11
In some provinces, members of a cooperative are not permitted to share in the
cooperative's residual value after it winds down or closes. T/F - Correct Answer
✔️✔️True
Module 11
In Canada, what theory of fiduciary duty applies to directors of corporations? -
Correct Answer ✔️✔️stakeholder theory
Module 11
It is possible for a corporation to have just one person who is the sole
shareholder, director, and officer. T/F - Correct Answer ✔️✔️true
Module 11
If you set up your business as a sole proprietorship, then you will not be
personally liable for the business's debts. T/F - Correct Answer ✔️✔️false
Module 11
Exam Questions with Clear Solutions
Module 9
Holding $10 out to your neighbour's daughter and telling her you will give it to her
if she mows your lawn IS considered acceptance T/F - Correct Answer ✔️✔
️false
Module 9
When you fail to complete your obligations in a contract, that is called - Correct
Answer ✔️✔️non-performance
Module 9
Specific performance is - Correct Answer ✔️✔️- a remedy that makes the
non-performing party go through with the contract.
Module 9
In Alberta, most people who own land do not hold the rights to the mineral
resources on or beneath the surface. T/F - Correct Answer ✔️✔️true
,Module 9
Signing up for a netflix account is considered a contract T/F - Correct Answer ✔
️✔️true
Module 9
Assuming all the elements of a contract are present- a verbal contract is just as
legal and binding as a written one T/F - Correct Answer ✔️✔️true
Module 9
In a unilateral contract, you make an offer and the other person accepts by -
Correct Answer ✔️✔️- doing the action listed in your offer.
Module 9
A reward poster is an example of - Correct Answer ✔️✔️a unilateral
contract
Module 11
In a corporation, how do directors obtain their position as a director? - Correct
Answer ✔️✔️They are elected by the shareholders.
Module 11
,Jovie runs a sole proprietorship called COOKIES DELIGHT. How will profits or
losses from the business be taxed? - Correct Answer ✔️✔️Any profits or
losses of COOKIES DELIGHT will be treated as Jovie's personal profits or losses for
income tax purposes.
Module 11
What 2 types of people exist in both corporations and cooperatives? - Correct
Answer ✔️✔️directors & officers
Module 11
Members of cooperatives who hold more shares have more votes & shareholders
have one vote each T/F - Correct Answer ✔️✔️False
Members have one vote each, while shareholders who hold more shares have
more votes.
Module 11
In Canada, directors of a corporation must act in the best interests of: - Correct
Answer ✔️✔️the overall corporation, including shareholders, employees,
and any other affected parties
, -Stakeholder theory
Module 11
In some provinces, members of a cooperative are not permitted to share in the
cooperative's residual value after it winds down or closes. T/F - Correct Answer
✔️✔️True
Module 11
In Canada, what theory of fiduciary duty applies to directors of corporations? -
Correct Answer ✔️✔️stakeholder theory
Module 11
It is possible for a corporation to have just one person who is the sole
shareholder, director, and officer. T/F - Correct Answer ✔️✔️true
Module 11
If you set up your business as a sole proprietorship, then you will not be
personally liable for the business's debts. T/F - Correct Answer ✔️✔️false
Module 11
