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Question
A third party is categorized as a donee beneficiary when:
A. the promisee's primary purpose in contracting is to make a gift of the agreed-on performance to the third party.
B. the benefit derived by the third party was merely an unintended by-product of a contract that was created for the benefit of those who were parties to it.
C. he/she is unable to establish that the contract was made with the intent to benefit him/her.
D. the promisor's performance is intended to satisfy a legal duty that the promisee owes to the third party.
Answer
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Related questions
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The maximum penalty for a criminal violation of the 1933 Act is a:
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C. $20,000 fine and five years' imprisonment.
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Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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D. An attorney who advises companies on corporation and business laws.