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Wurst & Wurst is the accounting firm that has been used by the Intercontinental Bank
for over twenty years. Tim approached Alfred, a Wurst partner, at a cocktail party. Tim
asked about the bank's stability. Although Alfred knew that the bank's stock was
overvalued, he felt a considerable amount of loyalty to the bank for being a good
customer of his accounting firm. Alfred told Tim that Wurst had just finished an audit of
the bank, and that the bank was as sound as the Rock of Gibraltar. The next day Tim
bought 1,000 shares of Intercontinental. One month later, the bank's losses became the
subject of a major financial scandal. Tim is angry and wants to sue. Does he have a
case?
Although corporations are not persons but instead are artificial entities created by the
state, it is clear that they can and should be held morally accountable.
Promissory notes serve an essential business purpose only in areas of high finance.
The flow of trade is affected by trade barriers on imports and exports.
If the issuer and the person paying an instrument subject to the impostor rule are both
negligent, comparative negligence would apply.
