September 15, 2017The case of Hibberd v. Hurricane Hydrocarbons Ltd involved various issues regarding many stock options that were not exercised that were part of a consultant contract.
October 27, 2016The purpose of the Municipal Conflict of Interest Act (the Act) is to prohibit members of councils and local boards from engaging in the decision-making process in respect to matters in which they have a personal economic interest.
October 27, 2016This was an appeal of two orders of the Divisional Court declaring that the provisions in the Drug Interchangeability and Dispensing Fee Act (the DIDFA) and the Ontario Drug Benefits Act (the ODBA) that attempted to ban pharmacies from selling private label generic drugs, were ultra vires and of no force and effect.
October 27, 2016This was an appeal of two orders of the Divisional Court declaring that the provisions in the Drug Interchangeability and Dispensing Fee Act (the DIDFAâ) and the Ontario Drug Benefits Act (the ODBA) that attempted to ban pharmacies from selling private label generic drugs, were ultra vires and of no force and effect.
October 27, 2016Generally, when a signor signs a contract, they are bound by it. However, courts have created exceptions to set aside a contract if they are unconscionable (when there is unequal bargaining power between the contracting parties).
October 27, 2016Ensure that you have understood all the rules, regulations, statues, and law that apply to your business before entering into any contracts. Hire counsel if necessary.
October 27, 2016When an individual makes statements that have the purpose of inducing an individual to enter into a contract, then a representation (a convincing statement) and possibly a warranty (a guarantee of a period of fitness, or some other quantity) will exist. The statements that are made when negotiating a contract are legally binding.
October 27, 2016Information within a manufacturer's brochure can act as a warranty. In several scenarios, the manufacturer will not be a party to the written contract; however, if the manufacturer publishes a brochure that includes information on a product that is then sold by a seller, that brochure is intended to be a sales tool, and the information within the brochure can be treated as a representation.
October 27, 2016To avoid confusion, stipulate the date the agreement is to take effect into the agreement. It should also be indicated that this is the date that will be used to determine the price of the stock option.
October 27, 2016If a bank has an automatic exercise of options program, they may be able to evade the insider reporting requirements (section 91 of the Securities Act) in respect to the sale of common shares of the bank to employees.
October 27, 2016In the company's articles, explicitly provide which class of shares is to be issued under the Employee Stock Option Plan (ESOP). Also, ensure that redemption rules for all classes of shares are clearly stipulated.
October 27, 2016When issuing an ESOP, ensure that the proper consideration (money, property, or past services) is received and recorded. Even if the ESOP is issued on the basis of a loan provision, consideration must be received from the registered owner of the ESOP.
October 27, 2016Ensure employees have sufficient knowledge about a mandatory Employee Stock Option Plans (ESOP). If the ESOP becomes mandatory, ensure that employees are given sufficient notice and are well aware of this change.
October 26, 2016When two or more parties enter into a contract, which is subsequently broken, the parties that were not responsible for breaking the contract may be entitled to damages resulting from the expenditures incurred after the formation of the contract as well as the expenditures incurred in negotiating the contract.
October 26, 2016A party can waive the strict language of a contract where, by its actions or representations, it leads the other to believe that those contractual rights will not be enforced.
October 26, 2016When drafting a limitation of liability clause, ensure that all persons who may be covered by the liability exemption clause are included and specify the degree of coverage.
October 26, 2016In Re Temple (2012, Ont SC), the applicant lent money to Temple (an individual) in 2005. The debt was due in 2006, and the last payment was made in November 2007. The applicant brought an application...
October 26, 2016Generally, when a signor signs a contract, they are bound by it. However, courts have created exceptions to set aside a contract if they are unconscionable (when there is unequal bargaining power between the contracting parties).
October 26, 2016The signer has the responsibility of knowing the terms of the contract(s) and carefully signing. The court will not support any carelessness.