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sharp cpa was engaged by peters & sons a partnership to give an opinion on the financial statements that were to be submitted to several prospective partners as part of planned expansion of the firm. sharps fee was fixed on a per diem basis. after a period of intensive work, sharb completed about half of the necessary field work. then, because of unanticipated demands on his time by other clients, sharp was forced to abandon the work. the planned expansion of the firm failed to materialize because the prospective partners loss interest when the audit report was not promptly available. sharp offered to complet the task at a later date. this offer was refused. peters & sons suffered damages of $400000 as a result. under the circumstances, what is probable outcome of a lawsuit between sharp and peters & sons?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939522

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