Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 ) Digital Systems Corporation files a suit against Ethan, its former accountant, alleging constructive fraud. Digital Systems need not prove a . an injury.

1)Digital Systems Corporation files a suit against Ethan, its former accountant, alleging constructive fraud. Digital Systems need not prove
a.an injury.
b.intent to deceive.
c.justifiable reliance.
d.misstatement of a material fact. 2)Fact Pattern 22-1
Nelson, an accountant, enters into a contract to provide services to Operational Processes, Inc. (OPI). Nelson does not finish the work within the contracts deadline. This causes OPI to fail to meet certain other deadlines owed to Prime Bank, which results in the firms payment of penalties to the bank.
Refer to Fact Pattern 221. OPI may be entitled to
a.payment from Nelson of the amount of the penalties in damages.
b.specific performance of any future contract with Nelson.
c.no damages or other relief because Nelson is not liable.
d.an injunction against future breaches of contract by Nelson. 3)Fact Pattern 15-3
To borrow the funds to pay tuition at Alpha College, Bea signs an instrument unconditionally promising to pay to Country Loan Corporation $7,500 with interest in installments with the final payment due June 1,2030.
Refer to Fact Pattern 15-3. The instrument that Bea signed is most likely
a.a certificate of deposit.
b.an order to pay.
c.a promissory note.
d.a draft.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sarbanes Oxley Internal Controls Effective Auditing With AS5 CobiT And ITIL

Authors: Robert R. Moeller

1st Edition

0470170921, 978-0470170922

More Books

Students also viewed these Accounting questions

Question

What is the purpose of a valid vendor file?

Answered: 1 week ago