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If CPAs fail to modify the audit report on financial statements that are materially misstated, investors and firm creditors may experience substantial losses. Depending on the jurisdiction, CPAs may be liable for damages based upon common law, statutory law, or both. Common law liability arises from negligence, breach of contract, and fraud.
Professional liability insurance coverage usually does not include defamation (libel and slander), breach of contract, breach of warranty, intellectual property, personal injury, security, [clarification needed] and cost of contract. [clarification needed] Coverage can often be added to provide indemnity "for any civil liability".
The reason for a defaulting party committing an actual breach is generally irrelevant to whether it constitutes a breach, or whether the breach is a repudiation (this is an incident of strict liability for the performance of contractual obligations). However, the reason may be highly relevant to what such breach would lead the reasonable ...
In contract [83] and tort, [84] damages will be awarded if the breach of contract (or breach of duty) causes foreseeable loss. By contrast, a fraudulent misrepresenter is liable in the common law tort of deceit for all direct consequences, whether or not the losses were foreseeable.
Insurance bad faith is a tort [1] unique to the law of the United States (but with parallels elsewhere, particularly Canada) that an insurance company commits by violating the "implied covenant of good faith and fair dealing" which automatically exists by operation of law in every insurance contract.
In the event of a third-party breach, multinational corporations such as Delta potentially face breach notification requirements in multiple states. Liability Questions Loom in Delta Vendor Breach ...
Disney has settled a lawsuit with a major financial partner that accused the Burbank entertainment giant over the summer of self-dealing and breach of contract.
In English law, loss of chance refers to a particular problem of causation, which arises in tort and contract. The law is invited to assess hypothetical outcomes, either affecting the claimant or a third party, where the defendant's breach of contract or of the duty of care for the purposes of negligence deprived the claimant of the opportunity to obtain a benefit and/or avoid a loss.
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