Which of the following statements concerning the Ultramares Corp. v. Touche case

Question

Which of the following statements concerning the Ultramares Corp. v. Touche case is not true?
A. This case was brought under common law liability
B. This case provided a test to determine whether a third party qualified as a primary beneficiary and could bring suit for ordinary negligence
C. This case established the rights of third parties to bring suits against auditors under common law liability
D. This case concluded that auditors' liability to third parties would be generally limited to gross negligence or fraud

Explanation / Answer

Which of the following statements concerning the Ultramares Corp. v. Touche case is not true?
A. This case was brought under common law liability
B. This case provided a test to determine whether a third party qualified as a primary beneficiary and could bring suit for ordinary negligence
C. This case established the rights of third parties to bring suits against auditors under common law liability
D. This case concluded that auditors' liability to third parties would be generally limited to gross negligence or fraud

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