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Family And Business Law Flashcards

(66 cards)

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1
Q

Tort law

A

Allows injured person to obtain compensation from person causing it
- must prove duty of care

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2
Q

What branch of Canadian government is parliament

A

Legislative branch

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3
Q

What makes up legislative branch of government 3

A

Governor General
Senate
House of Commons

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4
Q

How do bills become law

A
  • Senate and House of Commons pass bill

- royal assent given by Governor General ( always has to grant it)

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5
Q

Undivided property ownership

A

All owners have equal rights to use and enjoy

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6
Q

Divided property ownership

A

Each owner does not have full access to use property

I.e. interest is limited to their share

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7
Q

Filial support

A

Support parents

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8
Q

2 entities that create law in Canada

A

Federal, provincial and territorial government legislatures

Federal,provincial and territorial courts

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9
Q

What laws do federal, provincial and territorial government legislatures make

A

Statutory laws, forbid or require actions

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10
Q

What laws do federal, provincial and territorial courts make

A

Case or common law

- laws made on previous decisions and rulings by judges

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11
Q

4 purposes laws serve

A

Maintain order
Framework to resolve issues
Safety
Social policies

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12
Q

2 major types of laws in Canada

A

Public

Private

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13
Q

Purpose of public law

A

Rules concerning relationship between individuals and society

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14
Q

3 division of public law

A

Criminal
Constitutional
Administrative

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15
Q

What is constitutional law

A

Defines relationships between branches of government

Limits government powers I.e. human rights

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16
Q

What is administrative law

A

Deals with actions and operations of government

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17
Q

Another name for private law

A

Civil law

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18
Q

What is the purpose of private law

A

Sets rules between individuals, settles disputes

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19
Q

3 areas of private law

A

Tort law
Family law
Estate and trust law

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20
Q

What legal system applies to all provinces except Quebec

A

Common law

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21
Q

What legal system applies to Quebec

A

Civil law

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22
Q

2 meanings of civil law

A
  • legal system in Quebec

- matters of private law

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23
Q

2 meanings of common law

A
  • legal system of most provinces

- case law made by courts

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24
Q

Areas that are responsibly of federal government

A 
Inter provincial trade
National defence 
Criminal law 
Money
Patent 
Postal service
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25
Areas that are responsibility of provincial government
``` Hospital Prison Education Health Marriage Road regulation Property Civil rights ```
26
Each federal and provincial government has 3 branches of government
Executive branch Legislative branch Judicial branch
27
What does the executive branch of federal/provincial government do
Decision making Queen of England- Governor General, prime minister and cabinet
28
What does the legislative branch of federal/provincial government do
Makes statutory law Federal level is parliament ( Governor General, senate and House of Commons)
29
What does the judicial branch of federal/provincial government do
Independent courts interpret and apply government laws
30
Two main categories of property
Real and personal
31
What is real property
Land and things attached to land
32
What is personal property
Anything owned that is not real ( land or attached to land)
33
Two main types of personal property
Tangible and intangible
34
What is tangible property
Something your client owned that can be viewed and handled
35
What is intangible property
Property that can not be viewed | I.e. intellectual property
36
How can you protect intellectual property
Patent for a period of time Trademark to protect words, sounds, design Copyright to protect right to publish, print for a period of time
37
Property can have two different types of owners
Legal | Beneficial
38
Legal ownership of property
Holds title
39
Beneficial owner of property
Entitled to use or benefit of property, do not necessarily hold title
40
Legal ownership can be further divided into two categories
Sole | Joint
41
Two forms of joint ownership
Joint tenancy | Tenancy in common
42
Definition of joint tenancy
Each owner only owns portion on property
43
Definition of tenancy in common
All owners have equal interest in entire property
44
Who governs the ownership of property
Provinces
45
Four specific rights that a property owner may have
Right to own, use and enjoy Earn income from property Sell, dispose of, or gift property during owners lifetime Dispose of property at death
46
What does the right to own, use and enjoy property mean
For multiple owners there could be restrictions How they use the property When
47
What does earn income from property mean
Multiple owners splitting income can affect taxes payable, is income split with percentage ownership?
48
What does sell, dispose of, or gift during owners lifetime mean
Can people sell their portion without others consent? For property all owners must sign Some joint I.s. Bank need only one signature
49
Restrictions on rights of ownership by provincial and municipal laws. 2
Zoning can restrict use | Provincial laws - family laws require spouses consent to sell matrimonial home
50
Benefits of joint ownership 4
Simplicity Assistance in managing property Income splitting - except if attribution rules apply Avoiding probate
51
Risks of joint ownership. 6
``` Loss of access or control for normal use Loss of control for estate planning Litigation Tax liability Division of property Claims by creditors ```
52
What factors court consider when establishing a client intention 5
Relationship between transferor and receiver of property- assume gift to child Whether transfer of property was gratuitous- assume resulting trust Control of property - one person controls Use of property - used equally Paying taxes Purchase or other funding of property- each contribute
53
Advantages of partnerships 4
Easy and cheap Shared start up costs Tax advantage- shared income
54
Disadvantages of partnerships 4
No legal difference between business and each partner Unlimited liability Suitable partner Conflict
55
Advantages of incorporating 6
``` Limited liability Transferable ownership Continuous existence Separate legal entities Easier to raise capital Lower business taxes ```
56
Disadvantages of incorporation 5
``` Closely regulated More expensive Documents Conflict Residence and citizenship of director need to be proven ```
57
What is a cooperative
Owned and controlled by association of.members Can be for profit or non profit Least common form of business ***all are incorporated
58
Characteristics of cooperative 4
Provide product or service Processes and markets products or services Provides employment Serves needs of shareholders
59
Advantages of cooperative 4
Owner and controlled by members Democratic- one member one vote Limited liability Profit distribution to members
60
Disadvantages of cooperative 5
``` Hard decision Needs all to participate Conflict Extensive record Less incentives to invest more ```
61
What is a non profit
Society, club Not a charity Exempt from tax ***May be incorporated or not (separate entity from members)
62
To be non profit it must have a particular purpose 5
``` Social welfare Civic improvement Pleasure Recreation Any other that’s not profit ``` I.e. sports group
63
What is a Registered charity
- charitable organization or foundation created and resident in Canada - Separate legal entity * **. Exempt from taxes
64
A registered charity must have a charitable purpose 3
Relieve poverty Advance education or religion Benefit community
65
Advantages of registered charity 4
Tax receipt Exempt from tax Can receive grants Favourable public perception
66
Disadvantages of registered charity 6
Onerous report Detailed records and annual return Meet disbursement quota Restrictions to just charitable activities Restrictions on political activities Restrictions on disbursement of donations

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