ACAMS Practice Questions
Accounting Cycle and Classifying Accounts
Accounting For Managers
Accounting for Merchandising Activities
Accounting for Pensions
Accounting Information Systems
Activity Based Costing
Adjusting Accounts for Financial Statements
Advanced Business Economics
Advertising and Public Relations
Advertising and Sales Promotion
An Overview of International Business
Analysis and Forecasting Techniques
Analyzing and Recording Transactions
Asset Demand and Supply under Uncertainty
Auditing and Attestation
Behavioral and Allied Sciences
Bonds and Long Term Notes Payable
Business Analytics & Technology Management Chapter 2
Business Analytics & Technology Management Chapter 3
Business Analytics & Technology Management Chapter 4
Business Analytics & Technology Management Chapter 5
Business Analytics & Technology Management Chapter 6
Business and Company Law
Business Ethics and Governance
Business Ethics Exam
Business Law Study guide
Business Organisations and Environment
Business organization and systems
Business Process Performance
California Real Estate
Capital Budgeting and Managerial Decisions
Changes in Accounting Principles
Changing Marketing Environment
Consolidated Financial Statements
Corporate and Business Law
Cost Accounting Final exam
Cost Accumulation Systems
Cost Allocation Techniques
Cost and Managerial Accounting
Cost of Capital
Cost Terms and Classifications
Cost Volume Profit Analysis
Currency Exchange Rates
Customer Relationships and Value
CVP Analysis and Marginal Analysis
Debt and Bankruptcy
Decision Makers Household Sector
Demand for Money
Derivative Instruments and Hedging Activities
Dividends, Shares, and Income
Elasticities of Demand and supply
Employee Training and Development
Environments of Business
Essence of Management
Ethical and Professional Standards
Ethics and Social Responsibility
Ethics for Management Accountants
External Financial Statements and Revenue Recognition
Federal Securities Acts
Financial and the Nonfinancial Sectors
Financial Decision Making
Financial Intermediaries and Financial Markets
Financial Markets and Securities Offerings
Financial Statements and Accounting Transactions
Flexible Budgets and Standard Costs
Florida Real Estate MCQs
Fraud Internal Control and Cash
Fundamental Accounting Principles
Global Marketing and World Trade
Governmental Accounting State and Local
Health and Life Comprehensive Exam
Health and Life Practice Questions
Human Resource Management
Human Resource Management HRM
Human Resource Planning
Importance of Business Economics
Insurance and Risk Management
Insurance License Texas Life and Health
Integrated Marketing Communications and Direct Marketing
Interactive Marketing and Electronic Commerce
Internal Auditing and Systems Controls
Internal Control and Cash
Interpersonal and Organizational Communication
Introduction to Business
Introduction to Human Resource Management
Introduction to Human Resources Assessment
Investment Risk and Portfolio Management
Job Order Costing
Life and Health Insurance
Life Insurance Basics
Life Insurance Policies
Life Insurance Policy
Long Term Investment
Long Term Securities
Management and Cost Accounting
Managerial Accounting Concepts and Principles
Managing Organizational Change
Managing Production and Operations
Managing Products and Brands
Market Segmentation Targeting and Positioning
Marketing and Corporate Strategies
Marketing Channels and Wholesaling
Master Budgets and Planning
Mergers and Acquisitions
Money and Banking
National Health Insurance
Not For Profit Accounting
Organization and Operation of Corporations
Organizational Behavior Essentials
Organizational Markets and Buyer Behaviour
Organizational Structure and Design
Personal Selling and Sales Management
Principles and Practices of Management
Production and Operations Management
Profitability Analysis and Analytical Issues
Profitability Analysis and Decentralization
Property Plant and Equipment
Property Plant and Equipment Exam
Reporting and Analyzing Cash Flows
Reporting and Analyzing Long Lived Assets
Reporting and Analyzing Receivables
Responsibility Accounting and Performance Measures
Risk and Procedures for Control
Service Department Costing
Short Term Financing
Short Term Investment
Standard Costs and Variance Analysis
State Health Insurance
Statement of Cash Flow
Statement of Comprehensive Income
Statement of Financial Position
Stock Market and Stock Prices
Strategic Marketing Process
Structure of Interest Rates
Succession and Transfer Taxes
Supply Chain and Logistics Management
System Analysis and Design
Texas Real Estate
The Management Challenge
Total Quality Management
Understanding Exchange Rates
Understanding Interest Rates
Understanding Interest Rates Determinants
Value Added Tax
Corporate Law MCQs
Which of the following is equally influenced by collective agreements and individual employment contracts?
whether an employee simply leaves when the contract term expires
the implied term of just cause
the amount of notice that must be given, regardless of just cause
police officers' special rights in the case of dismissal
What term implied by common law will influence an employer's ability to effect the termination of an employment arrangement?
Which of the following correctly describes the implied rights and duties of an employer that wishes to terminate an employment relationship without ca...
Employers cannot be sued provided they provide two weeks of notice.
Employers cannot terminate without just cause.
Employers may terminate but must give reasonable notice.
Employers may terminate provided they have "near cause" and give reasonable notice.
Footage from a retail store's security cameras shows a long-term employee stealing groceries from the store. What advice would you expect the sto...
The employee can be terminated with two weeks' notice.
A single act of dishonesty can justify dismissal if sufficiently serious.
The employee cannot be fired because one-time incidents cannot be used as a basis for dismissal with cause.
The employer cannot terminate unless it provides reasonable notice.
According to policy, Celine's employer has accumulated a number of minor incidents in her employee performance records over the course of her thr...
duty to accommodate
duty of good faith
duty to mitigate
duty to warn
After three years of stellar performance, Roddy has begun to miss deadlines. After missing the third deadline, his human resource manager met with Rod...
to make the employer fully aware of the wrongful behaviour
to determine whether there is any excuse for this behaviour
to argue there is just cause for termination
to inform the employee of the consequences of failing to improve
A court is hearing a matter regarding an alleged wrongful termination involving serious allegations of employee dishonesty. What must the court consid...
whether the conduct is exempt for being outside working hours
the implied principle of condonation
the nature and context of any dishonesty
whether written warnings were given for each instance
Excel Roofing Ltd. terminated an employee for failing to wear a safety harness while working on a project. What factor or factors might a court consid...
the employer's history regarding occupational health and safety violations
whether the employee was a full-time or part-time employee
whether the employee suffered an injury as a result of not wearing the safety equipment
whether the employer can show that clear instructions were given to the employee
The defendant's counsel argued his client's termination of the plaintiff's employment without notice after one incident of incompetence...
The conduct is prejudicial to the employer's business.
The employee falsely claimed to possess the requisite skills.
The conduct was incompatible with the employer's business.
The employee's conduct placed him in a conflict of interest.
Which of the following is the term for chronic absenteeism and lateness without authorization or excuse?
habitual neglect of duty
What is the term for an employee's deliberate failure to carry out lawful and reasonable orders?
An investigation into habitual absenteeism revealed Howard had a second, part-time job. When the work schedules occasionally conflicted, he claimed ab...
Dishonesty on Howard’s part would justify termination in this instance.
Howard cannot be dismissed unless his employer expressly prohibited this behaviour.
The employer can terminate Howard only if it first applies progressive discipline.
Howard can be immediately terminated because he has breached his fiduciary obligations.
The case of Dowling v. Halifax (City of),  1 S.C.R. 22, involved a long-serving employee entitled to 24 months' notice of termination. The ...
The reduction was rejected, and an assessment of reasonable notice was ordered.
The reduction was justified because of just cause.
The reduction was justified because of near cause.
The reduction was rejected, as the conduct did not merit dismissal with or without notice.
Which of the following would you expect a court to consider when determining the proper amount of notice to award a wrongfully dismissed employee?
the employer's reason for dismissal
the employee's duty of honesty
the age of the employee
whether the employee objected to a fundamental change to the working conditions
On February 16, Angelina's doctor placed her on total disability, indicating her condition would likely take the next four months to resolve. On ...
The judge will look strictly to the length of service to assess the reasonableness of notice.
The judge will find that payment in lieu of notice must be given to effect termination during the disability.
The judge will find that disability negates any advantage of having notice, rendering it ineffective.
The judge will look to balance competing interests by finding a halfway position.
Which of the following cases set out the factors to be considered in determining quantum of appropriate notice on termination of employment as endorse...
Dowling v. Halifax (City of)  S.C.R. 22
Cronk v. Canadian General Insurance (1994), 19 O.R. (3d) 515 (Gen Div.)
Machinger v. HOJ Industries Ltd.  1 S.C.R. 986
Bardal v. Globe & Mail Ltd. (1960) 24 D.L.R. (2d) 140 (Ont. H.C.)
Jarvis has been employed as a "greeter" in a department store for several years. Recently, his employer recently advised him that he is bein...
His employer has failed to prove that it has a genuine business reason for the transfer.
An employer cannot change any conditions of employment without first obtaining an employee's consent.
The employer has breached employment standards legislation.
Without his consent, the move will constitute constructive dismissal.
Fatima has worked as a paralegal with Shep & Shap LLP for 15 years. The firm began to downsize, and Fatima received notice of termination that she...
Which of the following would constitute bad faith on the part of an employer according to the Supreme Court of Canada?
refusing to provide a deserved letter of reference
failing to give pay in lieu of notice upon termination
failing to provide notice in lieu of pay upon termination
laying off a long-term employee
What are the primary factors that tend to lengthen the period of notice an employee is entitled to on termination?
a high degree of specialization, age, and economic climate
the character of employment, and the availability of similar employment
the inducement to join, length of service, and industry practice
the length of service, age, company policy, and industry custom and practice
Due to her firm's downsizing plans, Marina learned she would be expected to complete clerical work, at her current rate of pay, for five lawyers ...
A reasonable person would believe the contract's essential term was being changed.
Changing a fundamental term of an employee contract amounts to constructive dismissal.
The required bad-faith element of constructive dismissal is readily apparent.
The test for determining whether a substantial change is made is an objective one.
Jasmine's former employer has been unsuccessful in establishing just cause for her termination, and the court has determined that she is entitled...
The court will award her one year of her base salary.
The court will calculate the amount of salary and benefits she would have received over a one-year period plus her out-of-pocket expenses.
The court will calculate the amount of her base yearly salary plus her out-of-pocket expenses.
The court will award non-pecuniary damages to compensate Jasmine for the humiliation and depression she suffered as a result of the termination.
All week, Jeff consistently ran the Naked News on his computer while Tess was present taking instruction on his files. Despite her obvious discomfort ...
A claim is justified by proving a poisoned or intolerable work environment.
Management needs to enact procedures to deal with bad behaviour.
Unilateral change in working conditions requires employee consent.
Unilateral change in working conditions fails to trigger constructive dismissal.
Before making any changes affecting Kim's job, his human resources manager discussed the nature of the changes and the necessity for them. She as...
to minimize the risk of triggering a constructive dismissal
to avoid the appearance of an employee demotion
to enact procedures to deal with incidents of bad behaviour
to avoid positive changes that trigger constructive dismissal
Kyle was terminated from his position as an accountant. He believes he was unjustly terminated and intends to sue for wrongful dismissal. The only alt...
no, because he was wrongfully terminated
yes, because his duty to mitigate requires him to accept any available alternate employment
no, because his duty to mitigate does not require him to take a lower-level job
yes, because his duty to mitigate requires him to take any available employment while he continues to look for an accounting position
How should an employee reconcile the duty to uphold the public's interest with the duty of loyalty and good faith to an employer with respect to ...
The employee should sacrifice public interest to preserve his livelihood.
Duty of loyalty to the employer prevails.
Public interest must always prevail.
The duty of loyalty and good faith is upheld by policy of the courts.
Why is specific performance or reinstatement rarely an option provided by the courts to an employee claiming wrongful termination from a position in t...
Employment standards tribunals award these remedies.
Courts are reluctant to interfere with business decisions.
Litigation is a slow process, and the employee has a duty to mitigate losses.
Common law views the employment relationship as irreparably damaged.
What was the impact of the Supreme Court of Canada's decision in its landmark case Honda Canada Inc. v. Keys on the awarding of damages in cases ...
An arbitrary increase in an award for damages based on bad-faith dismissal is no longer appropriate.
Notice periods are now extended where the employer defamed the employee in a wrongful dismissal case.
Notice periods are now extended to compensate for an employee's hurt feelings in wrongful dismissal cases.
Employees may now sue for additional damages for human rights violations when suing for wrongful dismissal.
According to the Supreme Court of Canada in Honda Canada Inc. v. Keys, when would it be appropriate to award punitive damages in the context of a wron...
where the employer attempted to offer the employee less than statutory notice
in most cases where the dismissal is found to have been without cause
where the employee has suffered depression as a result of the wrongful termination
only in exceptional cases where the employer’s acts are malicious or outrageous
Having recently saved the company a half a million in lost productivity, Stan was ill-prepared for the unexpected termination of his employment and th...
Kyrie has filed a wrongful termination suit alleging bad faith on the part of her former employer of nine years. At the time of her dismissal from her...
What does the duty to mitigate require of an employee whose position has been constructively terminated?
The employee could be required to accept a lower position in the same company.
It requires the former employee to take reasonable steps to find comparable employment.
The individual is expected to accept a lower-level job in another company to reduce loss.
It requires the former employee to take the first job available.
To which of the following are factors such as the age of the employee and his or her attachment to the community relevant in employment law?
determining whether an employee must mitigate by taking a lower-paying job
determining the adequacy of the national job market to accommodate the mitigation of loss
determining whether an employee must mitigate by taking a lower-level job
determining whether a duty to mitigate requires an employee to move
With respect to punitive damages, what is meant by the statement "the employer's bad faith acts must be so malicious and outrageous that the...
To attract punitive damages, conduct must amount to an independent actionable wrong.
An employer's bad faith act must be particularly egregious to exclude punitive damages.
Punitive damages are to be awarded through an award that reflects actual damages.
Punitive damages are contrary to the courts' policy of balancing commercial interests.
Jerry has decided to accept his employer's termination package, which will give him six months pay and benefits in lieu of six months of notice. ...
that Jerry sign a release giving up his right of action against the employer
that Jerry not seek legal advice
that Jerry make the decision immediately
that Jerry retrain his replacement
Which of the following would be included in the monies prescribed by legislation as due and owing to an employee at the time of their termination?
statutory entitlement for medical benefits replacement
statutory entitlement for disability insurance replacement
statutory entitlement to stock options
statutory entitlement to severance pay
Martina's company is downsizing, and she has been notified that her employment relationship will be terminated. She has been asked to give up her...
to seek advice regarding her benefit and severance entitlement before accepting a settlement
to seek advice regarding severance pay entitlement prior to signing a settlement agreement
to seek independent advice on the adequacy of the offer prior to signing a release
to seek independent advice on the benefits of advancing a lawsuit to avoid statutory limits
Alex's employment has been terminated due to a recent amalgamation. She met with Roger, the human resources senior manager, and reviewed the seve...
She was not given sufficient time to consider the package and to obtain independent legal advice.
The employee's right to sue cannot be waived.
The termination package was limited to statutory entitlements.
The termination package is unconscionable.
Which of the following is a distinguishing characteristic of the collective agreement, with respect to challenging an employer's decision to term...
The matter will immediately be referred to a binding arbitration process.
The employee is entitled to a remedy somewhere between dismissal and reinstatement.
The employee is limited to proceeding through the grievance process.
The matter is referred to a court if arbitration fails to resolve the grievance.
Which of the following is a distinguishing feature of the grievance process?
It is used to resolve disputes in union contracts.
It is available to all employees.
It can be used in conjunction with a lawsuit for wrongful dismissal.
It is resolved through the mediation process.
In what way are professionals similar to one another?
Both are considered employees of their clients who are, in turn, vicariously liable for their negligence.
They have ethical obligations that other employees and service providers do not have and are usually members of professional governing bodies.
They are governed by employment law and are usually regulated by federal bodies that establish rules of conduct and codes of ethics.
Both submit bills to an independent panel for review.
Valdyn, Jacob, and Bob have just finished a review of their business's legal expenses for the past year. While there has been an increase, it has...
The professional responsibilities of each firm are identical.
The firms receive annual retainers.
The relationships are regularly reviewed for cost-effectiveness.
The firms are hired on a project basis rather than as permanent employees.
Harold has practiced commercial law for three years. If Harold is hired by Canuck Publishing Inc. as the senior manager responsible for the quality of...
Cost-effectiveness is achieved by this arrangement.
The quality of his service must justify the fees he bills.
His legal and ethical obligations will be varied.
There is a need for Harold to specialize.
George is a lawyer who provides legal services "in-house" for a manufacturing company. Which of the following statements is correct regarding this arr...
George must be an independent contractor.
George is a fiduciary to his employer.
His employer is not vicariously liable for his negligence.
George is no longer a member of the Law Society.
Which of the following would strongly support a systematic approach to assessing and controlling associated costs, regardless of the type of professio...
payment by a retainer
submitting bills to professional associations
regular evaluation of expense and caliber
submitting bills to taxing officers
Which of the following is synonymous with a "retainer" with regard to professional services?
the client's contractual obligation to provide accurate information for the professional opinion
a document setting out the terms of liability of the professional for professional negligence
a written promise of the professional to act in the best interests of the client
the advance payment requested by the professional to fund the professional’s services
Sheps & Shaps LLP provides legal services by preparing contracts for an architectural firm on a regular basis. Which of the following best describes t...
contractual duties and employee duties
fiduciary duties and contractual duties
ethical and contractual duties
contractual, tort, and fiduciary duties
A professional service contract should provide for unseen developments during the course of the contract. In so doing, which of the following question...
How frequently will the client be contacted?
How will risk be allocated?
How will fees be charged?
What expertise is required for the work?
Peabody and Company, a law firm, prepared a will for a client who has since passed away. Unfortunately, the firm was careless in preparing the will, a...
breach of contract
breach of contract and professional negligence
breach of fiduciary duty
A fiduciary is required to act primarily in the interests of the person to whom a responsibility is owed. Which of the following notions captures the ...
good faith and due care
loyalty and trust
honour of profession
due diligence and honesty
Which of the following statements represents one of the key criticisms of the Supreme Court of Canada decision in Hercules Management Ltd. v, Ernst & ...
that it establishes too low a standard for the conduct of auditors
that it fails to protect professionals
that it unreasonably extends personal liability of professionals
that it imposes too much liability on professional bodies
Accountants owe a fiduciary duty to their clients based on elements of trust and confidence. Which of the following would also be strongly supported b...
reliance on skill, knowledge, and advice
fulfilling a public function
reliance on honesty and integrity
reliance on professional-client privilege
Why must an auditor act independently of any interest of the company that has retained him or her to perform the audit?
The auditor must maintain client privilege.
The auditor fulfills a public function.
The auditor must maintain client confidentiality.
The auditor has a duty of care.
Following his accounting firm's audit team being hired by Canuck Inc. to review Northern Ltd.'s books, Tysan contacted several members he kn...
The firm will avoid vicarious liability, as Tysan acted independently.
The firm employing Tysan, not Tysan, owed a fiduciary duty to Canuck.
Tysan breached the fiduciary duty to maintain confidentiality of client information.
The claimant's loss was too remote from the professional's actions.
A lawyer has entered a contract with her client to purchase the client's summer cottage and is representing both herself and the client with resp...
The lawyer has breached her client's right to privilege.
The lawyer has formed a binding and enforceable contract.
The lawyer has breached her duty to provide a reasonably competent service.
The lawyer has placed herself in a conflict of interest.
A lawyer met with several members of the community at a social function. During the evening, he spent a great deal of time discussing one particular c...
A complaint that the lawyer has breached his client's right to privilege will be made.
A complaint to the Law Society for breach of client confidentiality will be made.
A complaint that the lawyer breached the duty to avoid commission of torts will be made.
A complaint that the lawyer breached his duty to perform contractual obligations will be made.
Which of the following is a distinguishing feature of fiduciary relationships?
They are created by contract.
Fiduciaries owe duties of loyalty, trust, and confidence.
Fiduciary relationships are always professional relationships.
Fiduciaries are permitted to claim privilege with regard to communications with their clients
A consulting engineer incorrectly reports that a particular property is free from soil contamination. Several years later, the property is purchased b...
The consulting engineer is probably liable for breach of contract.
The consulting engineer is, due to the passage of time, safe from liability.
The consulting engineer is probably liable for breach of fiduciary duty.
The consulting engineer is probably liable for breach of confidentiality.
A banker was asked for an opinion about the creditworthiness of a customer. He provided an opinion describing the customer as a poor credit risk witho...
A claim for the tort of professional negligence will be made.
A claim for breach of professional fiduciary duty will be made.
A claim for breach of professional-client privilege will be made.
A claim for breach of contract will be made.
Dr. Walton, a practising psychologist, prepared a report for litigation purposes, as requested by Hayley's lawyer. Hayley has been receiving disa...
The report must be forwarded, or Hayley will lose entitlement to benefits.
The duty of professional-client privilege is inapplicable to psychologists.
The request is denied, as the report is subject to professional-client privilege.
All professionals are bound by a duty of confidentiality.
Pym and Pike is a law firm that is considering forming an LLP. Which of the following statements correctly describes the key advantage to Pym and Pike...
Partners will not be obliged to avoid conflicts of interest.
Partners cannot be sued by one another for contribution or indemnity.
Partners will have limited liability for the debts of the partnership.
Partners will not be liable for one another’s professional negligence.
Which of the following represents a criticism of the self-regulating model of professional regulation?
Self-regulating bodies are unelected.
Self-regulation replaces criminal prosecution.
The standard of care is lower if professionals are self-regulating.
Self-regulating bodies may fail to adequately protect the public interest.
Which of the following represents a service provided by legal self-regulating bodies (Law Societies)?
indemnification and assurance fund
free legal advice
review of lawyer fee accounts
In what way are losses resulting from damage to property and pure economic losses similar with respect to professional liabilities arising in tort?
neither require proof of reliance on expertise
claims of this type are more challenging
both deny liability to third parties
either is subject to an exemption from duty to mitigate
With which of the following is the phrase "in an indeterminate amount for an indeterminate time to an indeterminate class" synonymous with respect to ...
third-party negligence liability
corporate share structure
breach of confidentiality
What was the traditional position of the courts to deny the claims of third parties based on?
disputes over varying levels of expertise required
a policy to protect the economic viability of the professions
a burden of proof pertaining to the causality of the loss
disputes over who should determine the standard of care
In the case of Haig v. Bamford, (1976) 72 D.L.R. (3d) 68 S.C.C., the Supreme Court found the defendants (auditors) owed a duty of care to third-party ...
because of the limited purposes of the audited financial statements as set out in legislation
because of public policy pressure following the auditors’ role in facilitating white collar crimes
because of the auditor’s actual knowledge of limited third-party groups and their intended reliance
to assist the collectivity of the public in their task to oversee professional
Breanne is considered to be one of the top family law professionals in her province. She has been retained by Martha's lawyer to give an opinion ...
to help the claimant prove her indirect right to bring a derivative action for breach of care
to determine any other parties in a proximity of reliance on the professional
to help the claimant prove through expert testimony that the standard of care was breached
to determine any existing policy considerations that would limited the duty of care
Which of the following is a condition of practice in most professions?
errors and omissions insurance
limited liability partnership
What is the key to limiting the duty of care owed by an auditor to third parties as defined by the foreseeability principle?
a statutory prohibition against reliance by third parties
the purpose of performing an audit is mandated by law
a statutory amendment allowing limited liability partnerships
a disclaimer against relying on information from third parties
Triston is one of a number of shareholders of TVG Group Inc. who lost a substantial sum by relying on the negligently prepared audit of the company’...
a class action law suit that includes the company
a derivative action on behalf of the company
a derivative third-party claim by the company
a derivative action on behalf of the shareholders
Michelle, Michael, Savenna, and Hirsch have just concluded their new partnership's organizational meeting. The group of busy commercial lawyers d...
for preferential tax treatment
for professional risk management
for public policy liability concessions
for insurance purposes
What must be present in order for a professional to owe a duty of care to a particular plaintiff?
contract for services
professional liability insurance
How have limited liability partnerships been introduced into Canadian society?
through the enactment of amendments to the provincial Partnership Acts
through changes by each profession's governing body to its codes of conduct
through adoption by various professions that carry errors and omissions insurance
through the enactment of amendments to the Canada Business Corporations Act
How were members of the various professions able to secure the right to practise their professions through the limited liability partnership?
through a court policy to protect the viability of professions from risk of liability
through codes of conduct implemented by their self-governing bodies
through the establishment of errors and omissions insurance coverage
through a concerted effort to lobby governments to enact protective legislation
Which of the following is a legitimate concern for clients or third parties who rely on professionals who provide their services through a limited lia...
the adequacy of the profession's indemnification fund to cover losses
whether individual partners remain liable for their own negligence
whether highly specialized professional protection associations defend claims
whether there will be compensation for losses caused by the professional
Why are most professional firms unincorporated?
because corporations are too costly to establish and maintain
because partnerships are a preferable mode of business to most professionals
because legislation prohibits them from avoiding personal liability for negligent work
because they are required to have liability insurance, and thus incorporation is not needed to protect from negligence suits
Which of the following is a feature typical of legislation regulating professions in Canada?
a fee schedule for professional services
a requirement of professional corporations
the control of entry into the profession
the settlement of disputes between professionals
Which of the following is a distinguishing characteristic of professions?
Their self-regulation has been curtailed by public body oversight.
Provincial statues provide for more than one governing body.
Provincial statues establish the rights of professions to govern themselves.
The right to perform an audit is defined by provincial legislation.
In which of the following circumstances will the lawyer's indemnification fund compensate the victims of one of its practicing members?
breach of contract
theft of client money from trust
breach of confidentiality
professional conflict of interest
Which of the following roughly approximates the meaning of the term caveat emptor?
voluntary assumption of risk
let the buyer beware
the thing speaks for itself
haste makes waste
Which of the following is a criticism of the strict application of the common law maxim, caveat emptor?
It was not codified.
It unfairly favours the purchaser.
It is too costly to enforce.
It often produces unfair results.
What is the role placed by law on the purchaser of a product with respect to securing the entitlement to a common law remedy?
to facilitate the transfer of ownership of goods
to be aware of federal and provincial regulations
to ensure product expectations are contractual
to report incidents of unfair selling practices
Which of the following strongly supported the creation of principles set out in a specialized branch of contract law intended to provide a measure of ...
the need for modern law concerning the sale of goods and services
historic legislation titled the Sale of Goods Act, enacted in England in 1893
the civil code set of exceptions to the doctrine of caveat emptor
unfair results of the strict application of the doctrine of caveat emptor
Which of the following transactions would NOT fall under the Sale of Goods Act?
barter of a car for a motorcycle
sale of a bag of soil
sale of microwave oven
sale of office supplies
Which of the following would be essential to determining a remedy with respect to the breach of a term under the sale of goods legislation?
product safety classification
the classification of the term
disclosure on packaging
Which of the following is recognized as a term that cannot be easily classified under the Sale of Goods Act?
Which of the following terms describes a minor term in a contract for the sale of goods?
Why would a buyer be relieved of the implied statutory requirement to make its intended purpose of purchasing goods known to the seller of those goods...
The goods will be used in their ordinary purpose.
The buyer is reliant on the inspection of goods.
The goods will be bought by description.
The seller's goods are being sold by description
Which of the following is an implied term when goods are sold "by description"?
The buyer will enjoy quiet possession of the goods.
The goods will match the seller’s description.
The buyer relies on the judgment of the seller.
The goods will be delivered within 30 days.
What is meant by the term "merchantable quality"?
a reasonable quality, considering the description of the goods
the value declared or known to the buyer at the time
the value of goods corresponds with their description
the price paid determines the reasonableness of quality
Marta went to the local office supply store to buy a few packages of grey linen bond paper. The clerk showed Marta laminated covered samples but refus...
The seller refused the opportunity to compare goods with a sample.
The buyer relied on the description of goods by the seller.
The buyer made the intended use known at the time of purchase.
Goods sold by description must correspond to the description.
EcoDesign Inc. (Eco) purchased 200 weeping caragana trees for spring planting from Abbot Garden Centre Ltd. Two weeks later, planting was complete and...
breach of contract
breach of innominate term
breach of implied term
breach of implied warranty
Alison advised the sales manager at SpudsRUs Ltd. that she had rejected the shipment of potatoes received from Spuds that morning. As this was the sec...
because of the breach of innominate term
because of the right of repudiation
because of the breach of warranty
because of the doctrine of caveat emptor
Good health Farms Inc. was sued by a customer, and the court has now ordered that the plaintiff is entitled to a reduction in the price initially agre...
breach of a condition expressed in a contract for the sale of goods
breach of an innominate term of a contract for sale of goods
breach of warranty under sale of goods legislation
breach of a condition under sale of goods legislation
In the case of Chalmers Suspensions International Ltd. v. B&B Automation Equipment Inc., 2008 CanLII 15767 (ON S.C.), the court determined, among ...
the defendant's awareness of the plaintiff's past and present reliance on its expertise
the defendant's complete knowledge of the plaintiff's intended purpose for the machine
the breach of an implied warranty under sale of goods legislation
the breach of an implied condition that went to the root of the contract
A judge has found that Clear View Windows Inc. is liable to pay damages to a client for breach of one of its implied obligations under the Sale of Goo...
Which of the following prohibits the defense of privity of contract?
provincial sale of goods legislation
federal and provincial consumer protection legislation
provincial consumer protection legislation
federal, provincial, and municipal sale of goods legislation
Which of the following would most strongly influence the remedies available to a consumer under consumer protection legislation?
the reasonable foreseeability of damages
the seriousness of the breach of implied warranty
the onus on the party at fault to act quickly
the onus on the party at fault to correct the breach
Which of the following is relevant to a determination of what is reasonable with respect to the nature, intended purpose, and price paid for goods und...
warranty of quality and fitness
seller's express warranties
warranty of durability
warranty of acceptable quality
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