Which of the Following Defenses May Be Raised by an Accountant

question 34

Multiple Choice

Which of the following defenses may be raised by an accountant under Section 11 of the 1933 Securities Act?

• A) Privity and due diligence
• B) Privity,but not due diligence
• C) Due diligence,but not privity
• D) Neither privity nor due diligence

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Definitions:

Exclusive Possession

The right of an individual or entity to use property without interference from others.

Unauthorized Entry

Accessing a physical or digital property without permission, often associated with trespassing or illegal intrusion.

Reversion Interest

A future interest in real estate that reverts back to the original owner, or their heirs, once a particular condition has been met or a specified time has passed.

Prescriptive Easement

A right to use someone else's land, acquired by continuous and open use over a period as prescribed by law.