Hutchins and ONeil, as general partners in the Haddon View Investment Co., became limited partners in Car
Question:
Hutchins and O’Neil, as general partners in the Haddon View Investment Co., became limited partners in Car Wash Investments. The general par t ner in Car Wash was the Minit Man Development Company. Coopers and Lybrand were the accountants who handled the accounting work for both Minit Man and Car Wash. They performed audits and prepared financial statements that allegedly revealed two healthy companies. Nevertheless, both Car Wash and Minit Man went out of business. As a result, Hutchins and O’Neil lost a total of $252,000. They sued Coopers and Lybrand , alleging malpractice, breach of contract, concealment, fraud, and deceit in the accounbro24956 tants’ work for Car Wash and Minit Man.
Coopers and Lybrand argued that Hutchins and O’Neil could not sue them because Car Wash and Minit Man were their cl i ents, not Hutchins and O’Neil. Were the accountants correct? Haddon View I n vestment Co. v. Coopers and Lybrand , 436 N.E.2d 212 (OH).
Step by Step Answer:
Business Law With UCC Applications
ISBN: 9780073524955
13th Edition
Authors: Gordon Brown, Paul Sukys