Common Law

question 57

Multiple Choice

Common law

• A) Requires that the CPA guarantee their work.
• B) Requires that the auditor performs work with due care.
• C) Requires that the auditor performs work with due diligence.
• D) Does not recognize the concept of constructive fraud.

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Definitions:

Leases

Legal agreements in which one party grants another the right to use a property, vehicle, or piece of equipment for a specified period in exchange for payment.

Duration

The measure of the length of time that an event lasts or a condition persists.

Statute of Frauds

A legal principle that requires certain types of contracts to be written and signed in order to be enforceable.

Real Estate

Property consisting of land and the buildings on it, along with its natural resources, typically involving the buying, selling, and leasing of such property.