Top 29 Business Law Interview Questions You Must Prepare 02.Mar.2024

Circumstances can often make it hard to establish who was at fault, and it would be unfair to leave a victim uncompensated just because of this. Thus, while fault is one consideration in assigning liability, it is not the only basis. Fault is a less onerous standard than strict liability. Basing liability on fault would make people more careful since they would have to pay the consequences for being careless, but that would be a desirable result.

In the absence of notice of irregularity or suspicious circumstances, everything in the operation of a corporation that appears to be properly done (such as a CFO borrowing money) may be relied on by an outsider and will bind the company—unless a contracting third party knows about a particular restriction, in which case such restriction would be binding.

Ordinary witnesses may testify only about facts they know first-hand, while experts may provide opinions based on the evidence. The courts do not normally listen to hearsay evidence (information a witness heard from another person). 

Negligent misrepresentation is the making of an incorrect statement made without due care for its accuracy. The plaintiff must prove he or she relied on the statement. However, the professional’s duty of care has been limited by case law to a class of persons with whom the professional has a special relationship (i.e., who used the information as part of a contemplated traction).

In Ontario, the Small Claims court hears civil claims up to $25,0@Less-serious criminal offences are heard by the Ontario Court of Justice (Ontario’s trial court). The Divisional Court of the Superior Court of Justice hears appeals of civil cases up to $50,0@Taxation disputes are heard by the Tax Court of Canada.

A loss may be too remote if it was not reasonably foreseeable that the action could cause the loss or if it does not pass the “but-for” causality test: but for the act, a loss would not have arisen. As well, too much time between the action and the injury might lead to a finding that the loss was too remote from the tortious act.

A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act, and is enforceable by law. There are several types of contracts, and each have specific terms and conditions. Business 103: Introductory Business Law / Business Courses.

To prove deceit, it is necessary to prove the defendant knew the statement was false or acted recklessly and without regard to the truth, that the defendant intended to mislead the plaintiff, and that the plaintiff suffered a loss as a result of reliance on that statement.

The representative plaintiff is the person or persons who are judged to have a workable plan for pleading the case on behalf of a whole class of people.

Voluntary assumption of risk—when the plaintiff freely agrees to assume the risk of injury or loss—is a complete defence that would lead to the defendant not being held liable. 

Proximity is a close and direct connection between the parties. The neighbour principle is the general test of whether a duty of care was owed. 

Under the thin skull theory, plaintiffs who are unusually vulnerable are still entitled to damages for all their losses. However, if a normal person would not have suffered any damages, the plaintiff would not be entitled to damages.

In a strict liability tort, the plaintiff need only prove that the specific act occurred (along with the fact that that act caused a loss). 

Under Canadian product liability law, there is a duty of care to give consumers warning when, even though a product is not defective, dangers may arise when it is used. The duty to give proper warning is a continuing one so that notice is required whenever a company becomes aware of potential dangers in a product’s use.

Compensatory damages are monetary damages designed to make amends to the victim for the loss suffered. 

mercantile law. n. that broad area of the law (also called commercial law), statutes, cases and customs which deal with trade, sales, buying, selling, trportation, contracts and all forms of business tractions.

The usual remedy in tort is compensatory damages, whereas punishment is the usual remedy for a crime. For a crime, the relevant law is public law, under which the accused owes a duty of care to society and is prosecuted by the government.

Essential Information. A business lawyer is an attorney who specializes in working on business law or traction issues. These lawyers need Juris Doctor (JD) degrees and may have additional postgraduate degrees in business law. Like all lawyers, business lawyers must pass their state's bar exam to become licensed.

Passive legislation either prohibits an activity that was formerly permitted or permits an activity that was formerly prohibited. Active legislation gives government the right to carry on various programs, which in turn gives rise to the need for subordinate legislation created by administrative agencies to exercise their regulatory powers. A bill is a proposed law that has not yet received Royal Assent.

 A decision in one province is persuasive in other provinces but not binding, whereas a decision of the Supreme Court is binding in all jurisdictions.

  • Specific performance would require the defendant to fulfill his or her obligation. 
  • Compensatory damages make amends to the victim for the loss suffered.

Mobility rights are protected rights under the Charter, but they are not fundamental freedoms as are freedom of religion, thought, and association.

The formal distinction between assault and battery is that the former is the reasonable belief that threat offensive bodily contact is imminent while the latter is actual offensive bodily contact.

A reasonable person is someone of average intelligence who will prudently exercise reasonable care considering all of the circumstances. Thus, the standard considers the situation. The law does not require a person to take all possible precautions, only those that are affordable.

Commercial law, also known as business law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. It is often considered to be a branch of civil law and deals with issues of both private law and public law.

Qualified privilege occurs when the statement was made in the course of duty with the belief that it was true, and was communicated only to those who needed to know. A is the defence of justification, B the defence of absolute privilege, and D the defence of fair comment.

Dividends are declared by directors at their discretion—they are not owed and shareholders may have no remedy if they are not made. They are repayments of capital, not interest. They are made out of after-tax profits and thus are not tax-deductible.

The behaviour constitutes interference with contractual relations since you persuaded a third party (the supplier) to break its contract with the plaintiff. Intimidation involves threat to  commit an unlawful act.