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Question
The "confirmatory memorandum" exception to the UCC's statute of frauds provision:
A. requires that the memorandum be signed by the party to be bound.
B. requires that the memorandum be sent within ten days after the contract is made.
C. applies even though the memorandum does not satisfy the UCC's writing requirement.
D. requires that both parties to the contract be merchants.
Answer
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Related questions
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C. $20,000 fine and five years' imprisonment.
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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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