Sample Questions – Final Exam - MOS 2275
1. Bob has borrowed $5,000 from the bank, as well as $10,000 from his friend Joe. Bob
signed a security agreement in favour of the bank, in which Bob agreed to give the bank a
security interest in his car. The bank registered its security interest. Bob also told Joe that
he would give him a security interest in the same car, but nothing was put down on paper.
Bob has failed to repay the bank loan and th e bank is now attempting to seize Bob’s car.
Which is true:
(a) Joe will get the car only if he registered his security interest.
(b) Joe will get the car.
(c) Bob will get to keep the car.
(d) The bank will get the car.
2. Walking down the street, Margaret finds a laptop computer which does not belong to her.
Margaret and her friends think it would be funny to see if the laptop will float, so they try
to float the laptop in a puddl e. The laptop sinks and is de stroyed. Later that day, Susan,
the true owner of the laptop approaches Margaret because she has heard that Margaret
found the laptop. Margaret gives her the bad ne ws that the laptop is destroyed. Which is
(a) Margaret is liable to Susan for the laptop only if they had a written agreement.
(b) Margaret is liable to Susan for the laptop.
(c) Margaret is liable to Susan for the laptop only if Margaret was being paid to look
after the laptop.
(d) Margaret is not liable to Susan for the laptop under any circumstances.
3. Alice and Sam want to be partners for the purposes of carrying on a business. Which of
the following is not important in determining whether or not they are partners:
(a) Whether they split the profits and responsibilities of the business equally.
(b) Whether they split the profits of the business.
(c) Whether they both participate in the management of the business.
(d) Whether they have a written partnership agreement.
4. ABC Inc. is a corporation. Madge, Sally and T im are directors of ABC Inc. Gonzo is the
President of ABC Inc. and Rubik is the Chief Financial Officer of ABC Inc. ABC Inc. is
owned equally by Dufus and Rubik. and Which of the following is not true:
(a) Madge is an agent of ABC Inc.
(b) Rubik is an agent of ABC Inc.
(c) Dufus is an agent of ABC Inc.
(d) Gonzo is an agent of ABC Inc.
(e) Sally is an agent of ABC Inc.
5. Bondo has been fired for just cause by Emers on Products Inc. and has been told not to
report to work after today. Which of the following must Emerson Products Inc. now
provide to Bondo in connection with the termination of his employment:
(a) Reasonable notice of termination.
(b) Pay in lieu of notice of termination.
(c) Benefits for one year after termination.
(d) None of the above. 6. Markus Developments Inc. has made an assignment in bankruptcy. Immediately
following the assignment in bankruptcy, who ha s possession of the assets of Markus
(a) Creditors of Markus Developments Inc.
(b) Trustee in Bankruptcy of Markus Developments Inc.
(c) Markus Developments Inc.
(d) Employees of Markus Developments Inc.
(e) None of the above.
7. Billy is having a problem at work. Billy thinks that his coffee breaks are shorter than
provided for in the collective bargaining ag reement in force between Billy’s union and
Billy’s employer. The dispute between Billy and his employer over Billy’s coffee breaks
(a) A recognition dispute.
(b) An interest dispute.
(c) A rights dispute.
(d) A jurisdictional dispute.
8. Ralph works for Acme Inc. as a salesman. Ralph works out of his house, using his own
computer, and uses his own car to visit A