Business Law Exam: Study Guide, Key Concepts,
b b b b b b
Practice Questions, and Tips for Success in Business
b b b b b b b b
Law Licensing Exam
b b b
Consumer bProtection bActs b- bANSWER-Laws bsafeguarding bconsumers bfrom bunfair
business bpractices.
b
Sale bof bGoods bAct b- bANSWER-Legislation bgoverning bsales btransactions band
consumer brights.
b
Sole bProprietorship b- bANSWER-Business bowned bby bone bindividual bwith bunlimited
liability.
b
General bPartnership b- bANSWER-Business brun bby btwo bor bmore bindividuals bjointly bliable.
Limited bPartnership b- bANSWER-Partnership bwith bgeneral band blimited bpartners;
liability bvaries.
b
Limited bLiability bPartnership b(LLP) b- bANSWER-Partnership blimiting bliability bfor
professional bnegligence.
b
Corporation b- bANSWER-Separate blegal bentity bfrom bowners, blimits bpersonal bliability.
,Shareholders b- bANSWER-Individuals bowning bshares bin ba bcorporation.
Directors b- bANSWER-Individuals bgoverning ba bcorporation's boverall bdirection.
Franchise b- bANSWER-Business bmodel ballowing boperation bunder bestablished bbrand.
Co-operative b- bANSWER-Member-owned borganization bfocusing bon bcommunity
bwelfare.
Agency bRelationship b- bANSWER-Agent bacts bon bbehalf bof bprincipal bin bcontracts.
Joint bVenture b- bANSWER-Temporary bpartnership bfor bspecific bproject bor bgoal.
License b- bANSWER-Agreement bgranting brights bto buse bintellectual bproperty.
Workplace bLaw b- bANSWER-Regulates bemployment brelationships band bworkplace
standards.
b
Human bRights bLaw b- bANSWER-Protects bemployees bfrom bdiscrimination bin bthe
b workplace.
Employment bStandards bLaw b- bANSWER-Sets bminimum bwork bconditions bfor
bemployees.
, Occupational bHealth band bSafety bAct b(OHSA) b- bANSWER-Regulates bworkplace
safety band bemployee bhealth brights.
b
Termination bfor bCause b- bANSWER-Ending bemployment bdue bto bemployee bmisconduct.
Termination bWithout bCause b- bANSWER-Ending bemployment brequiring bnotice bor bpay
in blieu.
b
Human bRights bCode b- bANSWER-Legislation bprohibiting bdiscrimination bon bvarious
grounds.
b
Ontario bEmployment bStandards bAct b(ESA) b- bANSWER-Legislation bensuring
minimum bwork bconditions bin bOntario.
b
Right bto bParticipate b- bANSWER-Employee's bright bto bengage bin bsafety bcommittees.
Right bto bRefuse bUnsafe bWork b- bANSWER-Employee's bright bto bdecline bunsafe bjob
btasks.
Right bto bKnow b- bANSWER-Employee's bright bto bbe binformed babout bworkplace bhazards.
Frustration bof bContract b- bANSWER-Termination bof bcontract bdue bto bunforeseen
circumstances.
b
b b b b b b
Practice Questions, and Tips for Success in Business
b b b b b b b b
Law Licensing Exam
b b b
Consumer bProtection bActs b- bANSWER-Laws bsafeguarding bconsumers bfrom bunfair
business bpractices.
b
Sale bof bGoods bAct b- bANSWER-Legislation bgoverning bsales btransactions band
consumer brights.
b
Sole bProprietorship b- bANSWER-Business bowned bby bone bindividual bwith bunlimited
liability.
b
General bPartnership b- bANSWER-Business brun bby btwo bor bmore bindividuals bjointly bliable.
Limited bPartnership b- bANSWER-Partnership bwith bgeneral band blimited bpartners;
liability bvaries.
b
Limited bLiability bPartnership b(LLP) b- bANSWER-Partnership blimiting bliability bfor
professional bnegligence.
b
Corporation b- bANSWER-Separate blegal bentity bfrom bowners, blimits bpersonal bliability.
,Shareholders b- bANSWER-Individuals bowning bshares bin ba bcorporation.
Directors b- bANSWER-Individuals bgoverning ba bcorporation's boverall bdirection.
Franchise b- bANSWER-Business bmodel ballowing boperation bunder bestablished bbrand.
Co-operative b- bANSWER-Member-owned borganization bfocusing bon bcommunity
bwelfare.
Agency bRelationship b- bANSWER-Agent bacts bon bbehalf bof bprincipal bin bcontracts.
Joint bVenture b- bANSWER-Temporary bpartnership bfor bspecific bproject bor bgoal.
License b- bANSWER-Agreement bgranting brights bto buse bintellectual bproperty.
Workplace bLaw b- bANSWER-Regulates bemployment brelationships band bworkplace
standards.
b
Human bRights bLaw b- bANSWER-Protects bemployees bfrom bdiscrimination bin bthe
b workplace.
Employment bStandards bLaw b- bANSWER-Sets bminimum bwork bconditions bfor
bemployees.
, Occupational bHealth band bSafety bAct b(OHSA) b- bANSWER-Regulates bworkplace
safety band bemployee bhealth brights.
b
Termination bfor bCause b- bANSWER-Ending bemployment bdue bto bemployee bmisconduct.
Termination bWithout bCause b- bANSWER-Ending bemployment brequiring bnotice bor bpay
in blieu.
b
Human bRights bCode b- bANSWER-Legislation bprohibiting bdiscrimination bon bvarious
grounds.
b
Ontario bEmployment bStandards bAct b(ESA) b- bANSWER-Legislation bensuring
minimum bwork bconditions bin bOntario.
b
Right bto bParticipate b- bANSWER-Employee's bright bto bengage bin bsafety bcommittees.
Right bto bRefuse bUnsafe bWork b- bANSWER-Employee's bright bto bdecline bunsafe bjob
btasks.
Right bto bKnow b- bANSWER-Employee's bright bto bbe binformed babout bworkplace bhazards.
Frustration bof bContract b- bANSWER-Termination bof bcontract bdue bto bunforeseen
circumstances.
b
