Explain Why the Foreign Corrupt Practices Act Was Important to Accountants

question 10

Essay

Explain why the Foreign Corrupt Practices Act was important to accountants.

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Definitions:

Common Law

A legal system based on custom and court rulings as opposed to written laws passed by a legislature.

Assignor

An individual or entity that transfers rights or interests in a contract to another, known as the assignee.

Implied Warranty Of Merchantability

An assurance, inferred in every sale unless clearly disclaimed, that merchantable goods will conform to a reasonable performance expectation for goods of their kind.

Merchant

A person who deals in goods of the kind or by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction, or a person who employs an intermediary who, by her occu- pation, holds herself out as having such knowledge or skill.