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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