Ontario Barrister and Solicitor Practice Exam

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Study for the Ontario Barrister and Solicitor Exam. Quiz with flashcards and multiple choice questions, each with hints and explanations. Prepare for your legal career!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What advice would you give concerning drawing up a loan in foreign currency according to the Currency Act?

All judgments must be in foreign currencies.
Judgments may only be made in Canadian dollars.
Loans in foreign currency are not permitted.
Foreign currency loans require government approval.

The correct answer is: Judgments may only be made in Canadian dollars.

B is the correct answer because according to the Currency Act, judgments can only be made in Canadian dollars and loans in foreign currency are not permitted. Options A, C and D are all incorrect because they contradict the guidelines set by the Currency Act. All judgments must be made in Canadian dollars, and foreign currency loans are not allowed without government approval. Therefore, the best advice would be to ensure that any loan agreements are in Canadian dollars to comply with the Currency Act.