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SCHEDULE II / ITEM 6 October 2004 BUSINESS: LAW, ADMINISTRATION AND ECONOMICS Note: This examination consists of 17 questions on 2 pages. Marks

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ASSOCIATION OF CANADA LANDS SURVEYORS - BOARD OF EXAMINERS WESTERN CANADIAN BOARD OF EXAMINERS FOR LAND SURVEYORS ATLANTIC PROVINCES BOARD OF EXAMINERS FOR LAND SURVEYORS ________________________________________________________________________

SCHEDULE II / ITEM 6 October 2004 BUSINESS: LAW, ADMINISTRATION AND ECONOMICS

Note: This examination consists of 17 questions on 2 pages. Marks

Q. No Time: 3 hours Value Earned

1 The Government of Canada has several tools with which to institute economic policy. Describe 4 of these tools and how they are used to shape

economic policy. 10

2

Define each of the following terms as it pertains to business law in Canada:

a) Power of attorney b) Performance bond c) Bearer instrument d) Mortgage

e) Order in Council f) Alienation g) Prospectus h) Appellant

i) Restrictive covenant j) Flow through shares

20

3 Name three categories of people incapable of entering into legally binding

contracts. 6

4 A Crown corporation is organized like a private corporation with one major

difference. Describe the difference. 5

5 Canada has been described as a three-tiered court system. What are the

three tiers? 3

6 Outline the duties of a Board of Directors. 4

7 Describe three common forms of business association. 6

8 Name and describe three sources of law. 6

9

In the Canadian system, who is responsible for:

a) law making?

b) law administration?

c) law enforcement?

6

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10 What must be proven to establish that a tort has occurred? 2

11

In what circumstances might a surveyor find himself/herself liable for professional negligence towards a person to whom he/she has no

contractual or fiduciary obligations? 5

12 Describe the “law” of supply and demand. 5

13 What is meant by the term “mortgage rate”? 4

14 What would business insurance provide for your firm? 4

15 What is meant by the term “security”? 4

16 Distinguish between the roles and duties of an agent and an independent

contractor. 4

17 Differentiate between “public law” and “private law” 6 Total Marks: 100

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