"there are no violations or possible violations of laws or regulations whose effects should be considered for disclosure in the financial statements or as a basis for recording a loss contingency." the foregoing passage most likely is from a(an): a)management representation letter. b)entity engagement letter. c)report on compliance with laws and regulations. d)attestation report on internal controls.

The answer is a) management representation letter.

Explanation:

The passage is most likely from a management representation letter which is drafted by a client’s management, or a company’s external auditors; it is part of a management representation letter that assures an auditor about account balances, and is usually signed after audit field work is completed.

anticipatory breach of contract

as the name suggests, an anticipatory breach is a breach of contract before the time of performance. so, if a promisor denies to perform his promise and signifies his unwillingness before the time for performance, then it is an anticipatory breach of contract.

and

actual breach of contract

while an anticipatory breach is before the time of performance, an actual breach of contract is on the scheduled time of performance of the contract. an actual breach of contract can be committed either.

hope this . : )