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Question
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Dominique, a certified public accountant, provides accounting services to Eagle Corporation. The services include preparing Eagle's financial reports and issuing opinion letters based on the reports. In 2008, Eagle falls into serious financial trouble, but neither Dominique's reports nor her opinion letters indicate this situation. Relying on Dominique's portrayal of Eagle's financial situation, Eagle borrows a large sum of money to build a new shipping facility. In lending Eagle the money, First National Bank relies on Dominique's opinion letter. Dominique is aware of this reliance. If Dominique did not engage in intentional fraud but was negligent, what is her potential liability?
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Bryce's accountant is Caleb and his attorney is Delilah. All states protect, as privileged information, Bryce's communications with
a. Caleb and Delilah.
b. Caleb only.
c. Delilah only.
d. neither Caleb nor Delilah.
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Pace is an attorney, whose clients include Quikfeet Running Shoes Company. Unless Quikfeet has violated securities law, the contents of Pace's file on Quikfeet may be disclosed to someone other than Quikfeet
a. only to a third party who is a foreseeable user of the information.
b. only under a court order (with or without Quikfeet's consent).
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Longway Trucking, Inc., files a suit against Midge, an accountant, under the antifraud provisions of the Securities Exchange Act of 1934 and Rule 10b-5 of the Securities and Exchange Commission. To succeed in recovering damages, Longway must show that Midge
a. acted with scienter.
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b. kept until the Public Company Accounting Oversight Board's review.
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d. retained forever.
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Lars accuses Moe, an attorney, of committing malpractice. Malpractice is
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Tiny is an accountant. Tiny's violation of generally accepted accounting principles and generally accepted auditing standards
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An accountant's liability under the Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 requires privity of contract.
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Working papers are the documents through which a court orders an accountant to audit a public company.
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If a third party will be affected by a contract, the parties to the contract are in privity with the third party.
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Odiferous Waste Company is a subsidiary of Precarious Investments, Inc. Odiferous operates a hazardous waste disposal site. QuikChem Corporation is one of many parties who generate waste disposed of at the site. Odiferous borrows money from Regal Bank, which takes over the site when Odiferous goes bankrupt. The Environmental Protection Agency discovers a leak at the site. Can any of these private parties be forced to pay for the clean up? If so, who?
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Metal Smelting, Inc., operates a planta "major source"that emits hazardous air pollutants for which the Environmental Protection Agency has set maximum levels of emission. The plant does not use any equipment to reduce its emissions. Under the Clean Air Act, this is most likely
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Kirk receives an unsolicited credit card in the mail and tosses it on his desk. Without Kirk's permission, his roommate Leif uses the card to buy a new laptop for $1,800. Kirk is
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Steel Tool Company makes and sells tools. One of the tools is believed to be hazardous. The appropriate government agency may require Steel to
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b. increase the price to cover the cost of any injuries or damage.
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Sweet Treats, Inc., wants to market a new snack food. On the product's label, standard nutrition facts are
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b. required.
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When a release of hazardous chemicals from a site occurs, potentially responsible parties can avoid liability through transfer of ownership.
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The Environmental Protection Agency can regulate a toxic substance that poses an imminent hazard but cannot prohibit its use altogether.
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Those who knowingly violate the Clean Air Act are exempt from criminal penalties.
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Manufacturers are required to report on any products intended for sale if the products have proved to be hazardous.
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Counteradvertising requires a company to advertise the products of its competitor to counter its own false claims.
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Vague generalities and obvious exaggerations constitute deceptive advertising.
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An act must substantially affect interstate commerce to violate antitrust law.
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Antitrust legislation was created because of the belief that competition leads to lower prices.
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Luminescent Silicon Corporation, which controls 40 percent of the computer-chip market in the United States, merges with Micro Processors, Inc., which controls 15 percent of the same market. This merger is a violation
a. only if the result more clearly concentrates the market.
b. only if the result makes it more difficult for potential competitors to enter the market.
c. if the result more clearly concentrates the market and makes it more difficult for potential competitors to enter the market.
d. under no circumstances.
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To drive its competitors out of a certain geographic segment of its market, Fryin" Potatoes, Inc., sets the prices of its products below cost for the buyers in that area. This is
a. a refusal to deal.
b. business acumen.
c. predatory bidding.
d. price discrimination.
Q:
A unilateral refusal to deal can violate antitrust laws if the refusal
a. is likely to have an anticompetitive effect on a particular market.
b. results in lower prices for consumers.
c. provides no economic benefits for consumers.
d. is likely to increase competition.
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Fresh Vegetables, Inc., a wholesaler, refuses to sell its produce to Good Mart Stores, Inc., a retailer. This is
a. "an unfair or deceptive act or practice."
b. a per se violation.
c. not a violation.
d. subject to analysis under the rule of reason.
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An antitrust action is brought against Tri-State Transport Company, alleging the offense of attempted monopolization. To be guilty of this offense, Tri-State's attempt must have
a. a dangerous probability of success.
b. a deadly guaranty of success.
c. a distant possibility of success.
d. a distinct improbability of success.