Under Common Law, What Are the Three Primary Types of Liability

question 9

Multiple Choice

Under common law, what are the three primary types of liability assessed against accountants?

• A) Negligence, breach of contract, and accounting misalignment
• B) Breach of contract, fraud, and accounting misalignment
• C) Fraud, negligence, and accounting misalignment
• D) Breach of contract, negligence, and innocent misrepresentation
• E) Negligence, breach of contract, and fraud

Understand the importance of adapting messages for international and diverse audiences.

Recognize and describe characteristics of high-context and low-context cultures.

Identify and explain the roles of polychronic and monochronic time orientations in multicultural contexts.

Apply guidelines for choosing bias-free photos and illustrations.

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Definitions:

Fluctuating

Experiencing frequent, irregular changes in level, quantity, or value.

Negotiable Instruments

Financial documents that promise payment to the holder under specific conditions, including checks, promissory notes, and bills of exchange.

Lex Mercatoria

Lex Mercatoria, also known as the law merchant, is a body of commercial law used by merchants throughout Europe during the medieval period, forming the basis of modern commercial law.

Commercial Money Market

A segment of the financial market where commercial banks and other institutions lend and borrow short-term, high-quality debt securities.