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- Title
An Explanation of the Canadian Statutory Requirements Governing the Preparation of Canadian Franchise Disclosure Documents and the Ethical and Practical Considerations for U.S. Lawyers Involved in Drafting Those Documents.
- Authors
Ritts, Lorinda; Kornhauser, David N.
- Abstract
Defined as "a change in the business, operations, capital, or control of the franchisor ..., a change in the franchise system or a prescribed change, that would reasonably be expected to have a significant adverse effect on the value or price of the franchise to be granted or on the decision to acquire the franchise and includes a decision to implement such a change made by the board of directors of the franchisor ... or by senior management of the franchisor ... who believe that confirmation of the decision by the board of directors is probable." Depending on the franchise system, site, or franchise, material facts (1) could be present when a prospective franchisee buys a new franchise from the franchisor; and (2) are always present when a prospective franchise buys an existing franchise from the franchisor. The updated disclosure must occur before the prospective franchisee signs the franchise agreement or any other agreement related to the franchise or pays any consideration to the franchisor or the franchisor's associate, relating to the franchise. 26 FRANCHISE L.J. 136 (2007); Jennifer Dolman, Andraya Frith & Frank Zaid, Ontario's Franchise Legislation: Lessons Learned in the First Decade and What's Ahead for the Future, 26 FRANCHISE L.J. 63, (2009); Geoffrey Shaw & Lawrence Weinberg, An Overview of the Canadian Market for American Franchise Systems, 31 FRANCHISE L.J. 220, (2012); George Eydt & Edward Ned Levitt, How Canadian and U.S. Franchise Legislation Differs, 32 FRANCHISE L.J. 237 (2013).
- Subjects
LEGAL education; INFORMED consent (Medical law); DEPOSITIONS; UNAUDITED financial statements; CONSOLIDATED financial statements
- Publication
Franchise Law Journal, 2022, Vol 41, Issue 4, p489
- ISSN
8756-7962
- Publication type
Article