AFM 231 - Final Review Important Concepts Second Half of Term.docx

3 Pages
Unlock Document

University of Waterloo
Accounting & Financial Management
AFM 231
Sally Gunz

Important Concepts Second Half of Term I make the same initial comments as I did before the midterm: what follows is not a complete list of what you might learn from your readings or from the power points. It is an attempt however to give you a short list of the highlights. 1. Other torts:  Make sure you remind yourself about what torts are and what they achieve  Ensure you know the definitions of the torts we highlighted in class. Go back to the text to clarify what the definitions mean has to be proven.  There are torts in the chapter we didn’t discuss in class. While they are important, for now focus on those which are included in the slides. 2. Insurance  If you go back to the slides you will see that we focused on principles rather than listing examples of insurance.  Make sure you know how insurance works – so concepts like utmost good faith, insurable interest, indemnity and subrogation.  Also how and when in practice you might need insurance and for what risk. You don’t need to memorise a list but you do need to understand when and how insurance is useful and important for a business. 3. Agency  Ensure you understand the big picture of what agency is and how it compares with employment.  Make sure you understand the relationships between agent and principal, that they are fiduciary and you know what that means – how that translates to the actual duties.  How is the agency relationship created? Remember we focused on express agreement and estoppel. Make sure you know how these arise and work.  What is power of attorney and when/how is it used?  How does the agency relationship come to an end. 4. Employment Law  Here again, we studied employment law from the perspective of the ‘big picture’ and didn’t get bogged down in all the details.  Learn basic terminology e.g. difference from labour law, contrasting employee with independent contractor.  When you hire – what are the restrictions, things you are entitled to ask etc and why including concepts such as bona fide occupational requirement, and duty to accommodate.  Have an overview of statutory requirements – you won’t be tested on details but understand that there are a number of important statutes that govern the employment relationship.  Understand the overview from slides on issues like testing and access to email.  Terminating employees is obviously important – know how it works in Ontario and issues such as just cause, constructive dismissal, severance pay, etc. 5. Fiduciary Duties  You need to understand the basic duties and how they apply in different contexts – e.g. agency, partnership, directors/officers, professionals.  It is based in the law of equity. Understand that the categories of fiduciary relationship may and do expand. And that once a relationship fits within the definition of fiduciary, all the duties apply.  Should know the basic duties and how they apply in different contexts (do the examples make sense to you?) and what happens if there is a breach.  Understand Hodgkinson v. Sims (pg 565) and Lac Minerals. 6. Organizing the Business Chapters 14-16  Make sure you know the basics of these 3 chapters.  Understand the differences betw
More Less

Related notes for AFM 231

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.