Privity of Contract Exists Between

question 100

Multiple Choice

Privity of contract exists between

• A) auditor and the federal government.
• B) auditor and third parties.
• C) auditor and client.
• D) auditor and client attorney.

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Definitions:

Contract Defense

Legal arguments used to challenge the enforceability of a contract, such as duress, misrepresentation, unconscionability, or lack of capacity.

Usurious Loan

A loan with an interest rate that exceeds the legal limit set by law, often considered predatory.

State Statutes

Laws that are established and enforced by individual U.S. states, as opposed to federal laws.

Gambling Agreement

A contract or arrangement between parties to stake something of value, typically money, on the outcome of an event with an uncertain result, with the primary intent of winning additional money or material goods.