OACETT IEPPE Questions Answers

Amistake of lawgenerallydoes not allow a contract to be set aside, becauseparties are expected to know the law.

Step-by-Step Explanation:

Types of Mistakes in Contracts:

Mistake of fact– Canvoid a contractif fundamental.

Mistake of law–Does not usually void a contract.

Why Option B Is Correct:

Courts assume thatindividuals understand the law before signing a contract.

Why Other Options Are Incorrect:

A, C, D – Mistakes of factcan void contracts.

Awidely-held corporationis a company whose shares arepublicly traded on a stock exchangeand areavailable for purchase by the general public.

Step-by-Step Explanation:

Definition of a Widely-Held Corporation:

A corporation withmany shareholders.

Shares arepublicly traded on stock exchanges(e.g., TSX, NYSE).

Characteristics:

Subject tosecurities regulationsto protect investors.

More transparency requiredin financial reporting.

Why Option B Is Correct:

Key feature: Shares can bebought and sold on a designated exchange.

Why Other Options Are Incorrect:

A (Many shareholders)– Not all large companies are publicly traded.

C (Shares not available to public)– Describes aprivately-held corporation.

D (Few shareholders)– Applies toclosely-held corporations.

Specific performanceis a legal remedy where a courtorders a party to fulfill their contractual obligationswhen monetary compensation is inadequate.

Step-by-Step Explanation:

Definition of Specific Performance:

Used whendamages are not enough to compensate for a breach.

Most common inreal estate and unique contract disputes.

Example:

If aseller refuses to transfer property after a buyer has paid, the courtcan order them to complete the sale.

Why Option A Is Correct:

It is acourt-ordered fulfillmentof contractual duties.

Why Other Options Are Incorrect:

B (Refusal to perform)– Describesrepudiation, not specific performance.

C (Contract completion and payment)– Applies tocontract execution, not enforcement.

D (Changing contract terms)– Deals withmodification, not enforcement.

1. What is the OACETT Member Identification Stamp?

TheOACETT stamp is used to certify that a document has been reviewed and approved by a certified member.

It isnot a professional engineering sealbut indicatestechnical responsibility.

2. Proper Use of the OACETT Stamp:

Applied to documents containing technical information prepared or reviewed by a certified OACETT member.

Examples:

Technical drawings, calculations, and reports.

Inspection documents.

Specifications for engineering projects.

3. Why Option B is Correct:

The primary purpose of the stamp is to validate the transfer of technical information.

This ensuresaccuracy, compliance, and professional accountability.

4. Why Other Options Are Incorrect:

A (Only for documents affecting the owner)– Incorrect; the stamp appliesto any document containing technical information, not just those affecting the owner.

C (Only for documents that no one else can stamp)– Incorrect;multiple professionals can review and stamp a document.

D (Only for legally binding documents)– Incorrect;not all stamped documents have legal implications.