Jake's Steaks has hired LONF, an audit firm, to conduct an audit for purposes of preparing an IPO for Jake's. The contract provides that the audit will be completed within 4 months. At the end of three months, LONF has not yet begun the audit and lets Jake's know that it cannot complete the audit within four months because Jake's staff have not provided access to the company's books and records. Which of the following statements is correct?
A) LONF has breached the audit contract.
B) A condition precedent to performance has not been satisfied.
C) Because there was no access clause in the contract, LONF must still perform on time.
D) The contract is void.
Correct Answer:
Verified
Q56: The three-day-cooling-off period applies to all credit
Q78: The Fair Debt Collections Practices Act applies
Q91: Which of the following must be made
Q92: In the movie It Could Happen To
Q93: Distiguish among fraud, duress and undue influence.
Q94: Rescission would be allowed in a contract
Q97: Explain how a bill of lading is
Q98: What is the upper limit for garnishment
Q144: Dee's Caterers contracted with Glen Allen Peanut
Q152: The Jameses were negotiating the purchase of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents