A legal process used by a lender to force the sale of land when the borrower stops making mortgage payments. The proceeds of the sale are used to pay the lender the outstanding balance of the mortgage, and in many cases, the lenders legal costs.
A type of loan that is secured against the borrower’s “real property” such as their house or land.
A legislated limit on the amount of non-pecuniary loss (for example, pain and suffering) a person can recover for minor injuries such as sprains, strains or whiplash.
A Plaintiff’s own negligence that contributed a portion of his or her injuries. A Defendant who is accused of negligence may raise the Plaintiff’s contributory negligence as a partial defence.
A joint-venture is a term used to describe a contractual arrangement between parties. A joint-venture is defined by the agreement of the parties rather than the law. An example of a joint-venture is an agreement between two persons to cooperate to deliver a product or service and share in the profits. It is usually used…
A type of business corporation used by eligible professionals for tax and liability purposes. The Alberta Business Corporations Act restricts the use of Professional Corporations to accountants, chiropractors, dentists, lawyers, doctors and optometrists.
A type of partnership used by eligible professionals that limits each partner’s individual liability for the obligations and liabilities that arise from their fellow partners’ negligence or misconduct. The partners are still liable for the ordinary debts of the partnership. Should not be confused with a “Limited Partnership” despite the similar name.
A partnership comprised of a general partner and a limited partner or partners. The general partner is responsible for the business and its liabilities. The limited partners are investors who do not take part in the business and whose liability is limited to their investment in the partnership. Like a corporation, certain registration requirements governed…
When two or more persons (including corporations) are in business together for the purposes of making a profit. It does not create a separate legal entity, but describes the relationship between those people. (By analogy, a marriage is a kind of non-commercial partnership and it will be understood that the two spouses remain separate legal…
A business owned and operated by a single person who is personally liable for the obligations of the business. There is no separate legal entity apart from the sole proprietor.
