Distinguish between constructive fraud and fraud 15 Explain

.Distinguish between constructive fraud and fraud. 15. Explain what each of the following terms means: (1) Business failure. (2) Audit failure (3) Audit risk. opinion can be issued when, in fact, they are materially misstated. 16 Match seven of the legal terms (a-j) with the definitions provided below (1-7): a. Common law b. Constructive fraud c. Breach of contract d. Joint and several liability e. Ordinary negligence f. Third-party beneficiary g. Gross negligence h. Statutory law i. Fraud j Separate and proportionate liability . Laws that have been passed by the U.S. Congress and other governmental 2. Absence of reasonable care than can be expected of a person in a set of 3. Lack of even slight care, tantamount to reckless behavior that can be expected 4. The assessment against a defendant of the portion of the damage caused by units circumstances of a person. the defendant\'s negligence. Failure of one or both parties in a contract to fulfill the requirements of the contract. 6. The assessment against a defendant of the full loss suffered by a plaintiff regardless of the extent to which other parties shared in the wrongdoing. Existence of extreme or unusual negligence even though there was no intent to deceive or do harm; also termed recklessnes. 7.

Solution

1h ie statutory law ie law passed by the government and its bodies.

2 e ie ordinary negligence

3 g ie gross negligence

4 d ie joint and several liabilty

5 c ie breach of contract

6 j ie separate and proportionate liabilty

7 gross negligence