evaluate the The Ultramares Doctrine discussion

For this discussion, you are asked to discuss and evaluate the The Ultramares Doctrine. Give at least three reasons why you agree or disagree with the doctrine.

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Liability to Third Parties: Ultramares Doctrine- In Ultramares Corp v. Touche, et. al., based on an unqualified opinion given by Touche and distributed by the borrower, Ultramares made a loan which was later defaulted upon. Judge Cardozo held that Touche could not be held liable for negligence unless the plaintiff Ultramares was in either privity of contract or a privity-like relationship with the accountant. Since the financial statements were not prepared specifically for use in obtaining a loan, the accountant was not liable

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