This topic contains a solution. Click here to go to the answer

Author Question: Jake's Steaks has hired LONF, an audit firm, to conduct an audit for purposes of preparing an IPO ... (Read 204 times)

Redwolflake15

  • Hero Member
  • *****
  • Posts: 569
Jake's Steaks has hired LONF, an audit firm, to conduct an audit for purposes of preparing an IPO for Jake's. The contract provides that the audit will be completed within 4 months. At the end of three months, LONF has not yet begun the audit and lets Jake's know that it cannot complete the audit within four months because Jake's staff have not provided access to the company's books and records. Which of the following statements is correct?
 A) LONF has breached the audit contract.
 B) A condition precedent to performance has not been satisfied.
 C) Because there was no access clause in the contract, LONF must still perform on time.
 D) The contract is void.

Question 2

Which of the following cannot be used to pierce the corporate veil?
 A) Inadequate capitalization
 B) Alter ego theory
 C) Formation of the corporation to avoid personal liability
 D) All of the above theories can be used.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nickk12214

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

B

Answer to Question 2

C




Redwolflake15

  • Member
  • Posts: 569
Reply 2 on: Jun 24, 2018
Gracias!


atrochim

  • Member
  • Posts: 331
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

For a complete list of videos, visit our video library