This practice exam can be taken as many times as needed to feel confident and prepared for the Canadian Business Law Exam.
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In a contract what element is the promise in exchange for performance by the other party?CorrectIncorrect
The consideration must be for legal activities in order for the contract to be valid.CorrectIncorrect
When you put in your agreement for services the disclosure that you will not complete the work if you do not receive payment, what part of the contract is that?CorrectIncorrect
What are the reasons a party might not meet the competency and capacity requirements? (Select all that apply.)CorrectIncorrect
Acceptance can be verbal or written.CorrectIncorrect
What type of agreement is most easily enforceable?CorrectIncorrect
What are the owner’s liabilities in a sole proprietorship? (Select all that apply.)CorrectIncorrect
What are the advantages to being a sole proprietorship? (Select all that apply.)CorrectIncorrect
LLCs are NOT a legal form of a business structure when starting a business in Canada.CorrectIncorrect
Federally incorporated and Provincially incorporated entities are the only types of entities you may select when setting up a corporation in Canada.CorrectIncorrect