Plot hole: When Diana turns up at her director friend's house she finds it crawling with cops as his girlfriend Christie has been murdered and the house is now a crime scene. She explains she lent Christie a coat and is there to pick it up - and a cop helpfully finds it on the floor and hands it to her. Are we to believe that a homicide policeman will hand over an artifact from a murder scene to an unidentified woman without making any attempt to confirm her identity, or even if the coat is even hers!? They don't even ask.
Plot hole: When Bond and Tibbett break into the underground lab and find the device which drugs the racehorses, you can see that it has a large light emitting diode (LED) on the top of it. What possible use would that be, since the device is implanted in the horse's leg, and is supposed to be covert? (00:37:20)
Plot hole: No one hears the gunshot in the jail. The townspeople would come to see where the shot was fired. (01:39:28 - 01:39:52)
Plot hole: In the airport scene when Chance runs through security after Cody, he is chased by an airport police officer. During later shots you can see the officer in hot pursuit not far behind Chance. Yet when he gets to the exit gate beside the washroom where Cody was hiding, Chance spends several seconds scanning the gate area before setting off to the washroom. Surely the airport officer would've long caught up to Chance by then, but instead the same officer does not re-appear until some time later after Chance has intercepted Cody in the washroom.
Plot hole: When Dudikoff gets Ninja training from the old gardener before his final confrontation with Black Star Ninja, the gardener says "The time has come for your final lesson" and then introduces him to the throwing star and the ninja sword. If this is the final lesson and he's only being introduced to these weapons now, how come Dudikoff used these weapons successfully earlier, against about 15 ninjas in the fight at the warehouse trap?
Suggested correction: The lesson was the use of "ninja magic" symbols, not the weaponry.
Plot hole: The 'medics' carry the body bag that is supposed to have the body of Evil Santa inside, but Whistler vaporized it. Somehow, they fail to notice that the obese man weighs like a feather and the bag is deflated and empty. Moreover, the other Trancers vaporize within seconds from their death, but that one, and only that one, took minutes or even hours to disappear, only with Whistler's direct intervention. (00:25:00)