OACETT PPE STUDY QUESTIONS
WITH CORRECT VERIFIED ANSWERS.
LATEST 2026-2027. GRADED A
Bill PR25 - ANSThe OACETT act
Characteristics of a Corporation? - ANSSeparate legal entity
Taxed separately
Limited liability
High costs to setup and maintain
Characteristics of a Partnership? - ANSShared liability
Two or more people
Must be a common for profit business
Characteristics of a professional organization - ANSIncorporated, Amin.
Structure, objectives, registration of members, Standards of registration,
discipline if required, Ethical standards, restricted use of designation,
license
Characteristics of a Sole Proprietor? - ANSCannot be an employee of the
company
May have to be licensed
Personally responsibility
1
, Taxes with personal taxes
Define Contract Frustration: - ANSBoth parties are affected by unforeseen
issue that prevents completion of the contract.
Define Equitable Remedies: - ANSDamages outside of the contract
payment.
Define Quantum Meruit: - ANSCompensation when contract is breached by
the other party
Define Self Induced Contract Frustration: - ANSDeliberate frustration is
caused my one party that is claiming frustration. This is considered to be a
breach of contract.
Describe the CET right - ANS5 raised gears with a maple leaf
Give examples of when specific performance may be used in a breach of
contract? - ANSProperty
Unique art or jewelry
Damages are most often used.
How does the court determine what level of care is due? - ANSBased on
what is reasonably and expected from a professional competency.
2
WITH CORRECT VERIFIED ANSWERS.
LATEST 2026-2027. GRADED A
Bill PR25 - ANSThe OACETT act
Characteristics of a Corporation? - ANSSeparate legal entity
Taxed separately
Limited liability
High costs to setup and maintain
Characteristics of a Partnership? - ANSShared liability
Two or more people
Must be a common for profit business
Characteristics of a professional organization - ANSIncorporated, Amin.
Structure, objectives, registration of members, Standards of registration,
discipline if required, Ethical standards, restricted use of designation,
license
Characteristics of a Sole Proprietor? - ANSCannot be an employee of the
company
May have to be licensed
Personally responsibility
1
, Taxes with personal taxes
Define Contract Frustration: - ANSBoth parties are affected by unforeseen
issue that prevents completion of the contract.
Define Equitable Remedies: - ANSDamages outside of the contract
payment.
Define Quantum Meruit: - ANSCompensation when contract is breached by
the other party
Define Self Induced Contract Frustration: - ANSDeliberate frustration is
caused my one party that is claiming frustration. This is considered to be a
breach of contract.
Describe the CET right - ANS5 raised gears with a maple leaf
Give examples of when specific performance may be used in a breach of
contract? - ANSProperty
Unique art or jewelry
Damages are most often used.
How does the court determine what level of care is due? - ANSBased on
what is reasonably and expected from a professional competency.
2
