Guam § 35119 - Privity of Contract.
Full text of Guam Guam Code Annotated § 35119 — Privity of Contract., with citation guidance and answers to common questions.
§ 35119. Privity of Contract.
(a) This section applies to all causes of action of the type specified
herein filed on or after the effective date of the enactment of this section.
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(b) This section governs any action based on negligence brought against
any accountant, or firm of accountants, practicing in Guam by any person or
entity claiming to have been injured as a result of financial statements or
other information examined, compiled, reviewed, certified, audited or
otherwise reported or opined on by the defendant accountant or in the course
of an engagement to provide other services.
(c) No action covered by this section may be brought unless:
(1) The plaintiff
(A) is issuer (or successor of the issuer) of the financial
statements or other information examined, compiled, reviewed,
certified, audited or otherwise reported or opined on by the
defendant and
(B) engaged the defendant licensee to examine, compile,
review, certify, audit or otherwise report or render an opinion on
such financial statements or to provide other services; or
(2) The defendant licensee or firm:
(A) was aware at the time the engagement was undertaken
that the financial statements or other information were to be made
available for use in connection with a specified transaction by the
plaintiff who was specifically identified to the defendant
accountant,
(B) was aware that the plaintiff intended to rely upon such
financial statements or other information in connection with the
specified transaction, and
(C) had direct contact and communication with the plaintiff
and expressed by words or conduct the defendant accountant=s
understanding of the reliance on such financial statements or other
information.
Frequently Asked Questions About Guam § 35119
What does Guam Code Annotated § 35119 cover?
Section 35119 ("Privity of Contract.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 35119?
A common citation format is "Guam Code Annotated § 35119" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 35119 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.