To Prevail in an Action Brought Under Common Law,the Plaintiff

question 30

Multiple Choice

To prevail in an action brought under common law,the plaintiff must show all of the following except:

• A)He or she was damaged or suffered a loss
• B)The financial statements contained a material misstatement
• C)Auditors knew the financial statements contained a material misstatement
• D)He or she relied on the financial statements

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Definitions:

Fair Credit Reporting Act

A federal law in the United States designed to protect the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.

Consumer Credit Report

A document detailing an individual's credit history, used by lenders to assess creditworthiness for loans and credit.

Binding Credit Obligation

A legally enforceable promise or agreement that requires an individual or business to repay borrowed money or fulfill financial commitments.

Rescinds

To rescind is to revoke, cancel, or repeal a law, order, or agreement.