Exam 19: Business Law

A key duty of the agent in a principal-agent relationship is to act in the best interests of the principal.

The statute of frauds stipulates that certain types of contracts,such as those involving the sale of land,must be in writing in order to be enforceable.

Case law,also known as common law,refers to laws that arise from which of the following?

Mario Wallace is a famous tenor who was scheduled to perform at the opening of a new Broadway musical,"The Tardy Tenor." Mario failed to show for the performance,or for any subsequent performance,leaving the director no choice but to utilize the services of another tenor.The musical production company sued Mr.Wallace for not fulfilling his contract.The court ordered an injunction,meaning it ordered Wallace to honour the contract and sing in the musical,as the contract stipulated.

When contracts don't spell out the conditions that determine when exactly the title to goods changes hands,they aren't binding agreements between the buyer and the seller.

When a contract involves the sale of a unique item that the injured party could not obtain from anyone but the other party to the contract,the courts are most likely to apply the remedy of which of the following?

The main difference between civil cases and criminal cases is that criminal cases are concerned only with felonies,while civil cases are concerned only with misdemeanours.

In a valid contract,consideration can take the form of which of the following?

June has suffered from severe back problems because she slipped on some liquid detergent that Henrietta carelessly dropped.Henrietta meant to clean up the spill but got distracted and forgot to do so.June intends to sue Henrietta.If she does so,she will most likely seek to have June found liable for an intentional tort.

Principals are obligated to compensate agents in a timely manner and to reimburse agents for reasonable expenses incurred while acting for the principal.

Define a principal-agency relationship,and describe three duties that each party owes the other in this type of relationship.

An agent may be acting illegally if he or she disobeys lawful instructions issued by the principal.

The period of protection for a creator's creative work like a play,song,painting,or book lasts for the remainder of the creator's life plus an additional 100 years after their death.

Describe the characteristics of a contract and explain how the terms of contracts are enforced.

A distinctive mark,symbol,word,phrase,or motto used to uniquely identify the goods of a particular business,like the Nike "swoosh," can be protected by registering it as which of the following?

Marcellus behaved in a reckless and irresponsible way,resulting in significant damage to Carmella's property.However,it is clear that Marcellus didn't actually intend to do the damage.Marcellus has refused to pay for repairs.Since the damage was unintentional,Carmella cannot successfully sue Marcellus to recover the loss.

Which type of damages are monetary payments a party who breaches a contract is ordered to pay in order to compensate the injured party for the actual harm suffered due to the breach of contract?

What is meant by an agent's scope of authority? Name and describe three types of scopes of authority.

Bernie Ashby travels throughout the country representing the Cosgate Corporation Advertising Agency.He visits with major corporate accounts and has the authority to negotiate binding sales contracts.If Bernie creates a crime while pursuing his duties,the Cosgate Corporation will be held legally responsible for his actions even if they did not approve or support his illegal actions.

In bankruptcy proceedings the first in line to receive payments is the Canada Revenue Agency.