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2025S Business Law - Part I (BUS-3010-01)

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Linda and Colin each own certain shares in The ABC Company Inc. Linda owns 75 Class "A" common shares, while Colin owns 25 Class "B" common shares. Which shareholder has voting control of The ABC Company Inc.
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Mark Carney wants to purchase a used car for use whenever he is in Prince Edward Island. He finds a private seller, Rob Lantz, on Kijiji and then visits Rob and offers to purchase a 2003 Honda Civic for $28,000. Rob agrees to sell the car to Mark for $28,000 and he prepares a written contract. Mark plans to return within 3 days with the money at which point Rob will give him the keys to the car. At the bottom of the document is a signature block, which Mark and Rob both sign and a witness signs in the witness boxes. Red seals are affixed beside their signatures. Mark does not provide any money or deposit to Rob; he simply signs the document. There is no consideration clause in the document. Which of the following accurately reflects the element of consideration in this case?
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In Prince Edward Island if you had a contract case to bring to trial involving damages of $12,000, in which court would the matter be brought?
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Kendrick Lamar owns a parcel of land in Charlottetown, Prince Edward Island. He decides to construct a building on his land for his music directing business, hoping to take advantage of Canada's support of the local music industry. He hires Drake Construction to construct the building. The contract price with Drake Construction is for $12,000,000. Kendrick estimates that the costs for permits, surveying, legal fees and closing costs will be $200,000. Bank of Montreal has approved mortgage financing in the amount of $9,000,000. Kendrick has saved money from his music and his appearance at the Super Bowl, for the balance of funds of $3,200,000. Bank of Montreal issues 3 mortgage draws as construction of the building proceeds. Eventually, Drake Construction completes the building and the final draw of financing is issued by Bank of Montreal when the building is substantially completed on July 31, 2025.

Of the total mortgage financing that has been issued ($9,000,000), 15% or $2,700,000 is retained by Bank of Montreal as a mechanic's lien holdback (and not paid to Drake Construction). Drake is irate when he finds out that he will have to wait for some period of time before receiving the rest of the money for the building construction. He demands immediate payment from Kendrick, but Kendrick says nothing; he just lays a beat down on Drake; Peace! On what date will the holdback of $2,700,000 be released to Drake Construction?
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If Roger owns 70 common shares in The XYZ Company Ltd. and Sally owns 30 common shares in The XYZ Company Ltd., what percentage of ownership does Roger have in the corporation?
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Which of the following can a director of a corporation be found personally liable for?
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After 3 years, Kendrick Lamar has released a few more diss tracks targeting Drake and has now saved enough money to pay off the rest of the balance owing on his mortgage to Bank of Montreal. He decides that he would like to be mortgage free. He asks Bank of Montreal for the loan payout amount. The bank cites the payout amount as $6,000,000 + $60,000 interest penalty = $6,060,000. The interest penalty of $60,000 amounts to an additional 3 months of interest for Kendrick at 4% per annum. Kendrick asks Bank of Montreal what the interest penalty is for. He thinks that the bank ought to be grateful for getting their money earlier. What enables Bank of Montreal to charge Kendrick an additional 3 months of interest on top of the loan amount outstanding?

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A partnership is defined as
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Which of the following is a federal administrative tribunal in Canada?
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Read the following clause:

"For a period of two (2) years after the Closing Date and within a radius of 30 kilometres of Charlottetown, the Seller shall not organize or participate in the organization of any firm, partnership, corporation, joint venture, sole proprietorship or other business entity, if such firm, partnership, corporation, joint venture, sole proprietorship or entity is engaged or to be engaged in any similar business, conduct or activity in competition with that of the Company or the Buyer."

This clause is an example of:

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