LAW 122 – Midterm-Test Questions
with Guaranteed Pass Solutions 2026
Updated.
Factors of Risk Management - Answer -Risk avoidance
-Risk reduction
-Risk shifting
-Risk acceptance
Insurance - Answer is a contract in which one party agrees, in exchange for a price to pay a
certain amount of money if another party suffers a loss.
Types of Insurance - Answer -Liability
-Property
Liability Insurance - Answer provides a benefit if the purchaser is held liable for doing
something wrong
Property Insurance - Answer provides a benefit if the purchaser's property is damaged, lost,
or destroyed
Law - Answer rule that can be enforced by the courts
Civil Law - Answer systems trace their history to ancient Rome
Jurisdiction - Answer geographical area that uses the same set of laws
Common Law - Answer systems trace their history to England
Two Types of Canadian Law - Answer -Public
-Private
Public Law - Answer concerned with gov't and the ways in which they deal with their citizens:
-constitutional law
-administrative law
, -criminal law
-tax law
constitutional law - Answer provides the basic rules of our political and legal systems
administrative law - Answer is concerned with the creation and operation of administrative
agencies, boards, commissions, and tibunals
Criminal Law - Answer deals with offenses against the state (designed to protect society)
White-Collar Crimes - Answer are committed by people in suits ( a manager who steals
money from the petty-cash drawer)
Tax Law - Answer is concerned with the rules that are used to collect money for public
spending
private law - Answer is concerned with the rules that apply in private matters
Three parts to private law - Answer -law of torts
-law of contracts
-law of property
tort - Answer private wrong, generally consists of a failure to fulfill a private obligation that
was imposed by law
the law of contracts - Answer is concerned with the creation and enforcement of agreements
the law of property - Answer is concerned with the acquisition, use, and disposition of
property
Sources of Law - Answer -the constitution
-legislation
-the courts
The Constiution - Answer is the document that creates the basic rules for Canadian society,
including its political and legal systems
with Guaranteed Pass Solutions 2026
Updated.
Factors of Risk Management - Answer -Risk avoidance
-Risk reduction
-Risk shifting
-Risk acceptance
Insurance - Answer is a contract in which one party agrees, in exchange for a price to pay a
certain amount of money if another party suffers a loss.
Types of Insurance - Answer -Liability
-Property
Liability Insurance - Answer provides a benefit if the purchaser is held liable for doing
something wrong
Property Insurance - Answer provides a benefit if the purchaser's property is damaged, lost,
or destroyed
Law - Answer rule that can be enforced by the courts
Civil Law - Answer systems trace their history to ancient Rome
Jurisdiction - Answer geographical area that uses the same set of laws
Common Law - Answer systems trace their history to England
Two Types of Canadian Law - Answer -Public
-Private
Public Law - Answer concerned with gov't and the ways in which they deal with their citizens:
-constitutional law
-administrative law
, -criminal law
-tax law
constitutional law - Answer provides the basic rules of our political and legal systems
administrative law - Answer is concerned with the creation and operation of administrative
agencies, boards, commissions, and tibunals
Criminal Law - Answer deals with offenses against the state (designed to protect society)
White-Collar Crimes - Answer are committed by people in suits ( a manager who steals
money from the petty-cash drawer)
Tax Law - Answer is concerned with the rules that are used to collect money for public
spending
private law - Answer is concerned with the rules that apply in private matters
Three parts to private law - Answer -law of torts
-law of contracts
-law of property
tort - Answer private wrong, generally consists of a failure to fulfill a private obligation that
was imposed by law
the law of contracts - Answer is concerned with the creation and enforcement of agreements
the law of property - Answer is concerned with the acquisition, use, and disposition of
property
Sources of Law - Answer -the constitution
-legislation
-the courts
The Constiution - Answer is the document that creates the basic rules for Canadian society,
including its political and legal systems
