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A: Net income = $3 million Taxes = $4 million Depreciation = $6million
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- State and federal arbitration statutes expressly disfavor arbitration and make it very difficult to get a court to confirm an arbitration award and to enter a judgment based on the award. Group of answer choices True FalseContrast the procedures involved in private arbitration with the mediation of disputes.Explain when exculpatory agreements, agreements involving the commitment of a tort, and agreements involving public officials will be held to be illegal.
- A contract that only one of the parties can enforce in a court is not valid. True FalseCommon elements of mediation include a. an evaluative process O b. written award by the mediator that can be reduced to judgment under state law O c. a facilitative role for the mediator O d. All of these O e. A and C onlyWhat types of actions may an auditor be liable to a client under common law? Why would the clients prefer to sue the auditor for tort action rather than a breach of contract?
- Listen When a person claims to have been deceived into signing a negotiable instrument by being told it is something else, the level of his or her intelligence may determine whether he or she should have understood the nature of the deal before signing. True FalsWhat does “conflicting out an expert” mean?a. Firing an expert due to a conflict of interestb. The court removal of an expert for a conflict of interestc. The loss of an expert due to a failure to consider conflicts of interest in theengagement letter.d. None of the aboveIf a person signs a negotiable instrument because he is fraudulently deceived regarding its nature or essential terms gives the holder a universal defense.. O True False
- TRUE OR FALSE An instrument payable out of a contingency is not negotiable even if the contingency happened. The drawee in a promissory note must be named or otherwise indicated therein with reasonable certainty. An endorsement cannot be stricken out. A person who signed an instrument without indicating in what capacity he signs shall be considered an endorser. The defense that the instrument is undelivered and was completed without authority is a real defense.Generally, the auditor could be legally liable under? Select one: a. contract law but not under the tort of negligence to third parties b. the tort of negligence to the client and contract law c. the tort of negligence but not contract law to the client d. contract law to third parties and to the clientIn a "mixed contract," one involving both the dale of goods and services, does the UCC apply or does common law apply? How does a court determine which law to apply? Explain your answer.