14 Aug Steve is the owner of Cyber Steak, a combination of an Internet café and steak

Steve is the owner of Cyber Steak, a combination of an Internet café and steak restaurant. Steve wanted to sell the business to Bill, the owner of a chain of Internet cafes. Steve hired Ray, an accountant, to perform an audit of Cyber Steak. Ray knew that Bill would use the audit report in making the purchase of Cyber Steak. Ray’s audit report showed Cyber Steak to be profitable. Bill relied on this report in agreeing to purchase Cyber Steak and agreeing to the terms of the purchase. Sometime later, it was discovered that Ray the accountant made a number of mistakes and that the business when sold was actually insolvent. Bill sued Ray and the accounting firm for damages. The suit claimed that Ray negligently misrepresented the facts. Provide legal arguments for each side and determine a winner. Does it make any difference whether Cyber Steak was a publicly traded company?Does the state where the parties and Cyber Steak are located make a difference?

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