CEN 800 Study Guide - Winter 2019, Comprehensive Final Exam Notes - Vicarious Liability, Unlimited Company, Trust Law

• School: Ryerson University
• Department: Common Engineering
• Course: CEN 800
• Professor: Dr. Vincent Chan

Document Summary

Legislative: government-made, statues are supplemented by regulations, theory of precedent. Theory of precedent: basis of predictability, apply legal principles that were established in previous court decisions, factual distinctions and equitable relief provide for flexibility. Civil court case process: issue statement of claim, respond with statement of defence, Corporation: share capital ( shareholders paid back in dividends) and non-share capital (profits go back to company) Involve: shareholders, directors (manage corporation in best interests of company), officers (manage corporation in best interest of company), employees. Separate from individual assets, only company assets at risk. Partnership: general (day-to day management) and limited liability (not involved in day-to-day. Not separate entity, assume liability of partnering companies. Partnerships don"t assume liability or assets, individuals of partnerships do. Joint venture: group of individuals/companies that come together for joint adventures/specific project. Considerations when selecting: duration, simplicity/complexity, taxes, liability, separate identity, personal guarantees, property ownership, registrations. Statutes: legislation imposes obligations (i. e. criminal code, construction lien act)