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SCHEDULE II / ITEM 6 March 2002 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 March 2002 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 they pertain to business law in Canada:

a) Power of attorney b) Secured creditor c) Bearer instrument d) Mortgage

e) Bankruptcy f) Torrens system g) Prospectus h) Appellant

20

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

contracts. 6

4 Describe how Revenue Canada treats corporations versus partnerships. 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 Distinguish between a private and a public corporation 4 10 What must be proven to establish that a tort has occurred? 2

11

What are the necessary components of a legal contract? How may a contract be discharged? Under what circumstances may a party to a contract be discharged

from his or her obligations? 10

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

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

14 What would business interruption insurance provide for your firm? 3

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15 What is meant by the term “collateral security”? 4 16 Distinguish between the roles and duties of an agent and an independent

contractor. 4

17 What may the courts consider to be an implied term in a contract? Provide

example(s). 4

Total Marks: 100

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