MGMT 1601 : Business Law

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MGMT 1601 : Business Law

1. Explain the difference between independent contractors, employees, and agents. Explain why the distinction between each category is important to the individual retaining the services of the party and the individual whose services are being retained.
2. Explain the difference between actual, apparent and implied authority of an agent. Also provide examples of all three types of authority
3. Explain the nature of an agent’s obligations to the principal, what is meant by “fiduciary duties” and provide a description of at least three fiduciary duties.
4. Name the three primary ways an employment relationship may be terminated. Name the one way in which an employer would not be required to provide their employee with ‘notice’ (or ‘pay in lieu of notice’) and with respect to the other two ways, if an employer decides to provide ‘pay in lieu of notice’ what are the two types of ‘notice’ that an employee would look at in order to determine if the ‘notice’ was reasonable.
5. Define “just cause” in relation to an employee termination. Give three examples of conduct that may constitute “just cause”.
6. Describe what a business partnership is. Describe the purpose and effect of the Partnership Act. Describe how a partnership agreement can modify the provisions of the Partnership Act.
7. Explain the nature of the liability of general and limited partners. What effect will a partnership agreement on a partner’s liability to outsiders. How can a limited partner lose their specific protections under law with respect to liability?
8. What is meant by a shareholder’s limited liability in a corporation? How does a shareholder exercise control over the direction and decision made in a corporation?
9. What are the duties of a director and officer of a corporation and to whom are those duties owed? What standard of care is required of a director and an officer? What is meant by the duty of good faith?

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