Matt Agrees to Perform an Audit Within 30 Days, Knowing

question 24

True/False

Matt agrees to perform an audit within 30 days, knowing that time is of the essence.When the 30 days are up, Matt has only performed 60% of the audit.Matt has materially breached his contract.

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Definitions:

Adjudicated Incompetent

A legal status determined by a court, indicating that an individual lacks the capacity to manage their own affairs due to mental or physical impairment.

Capacity

Refers to the legal ability of a person to enter into binding contracts.

Judicial Lien

A judicial lien is a lien obtained by a creditor through court action, usually after winning a judgment against the debtor, granting the creditor a legal claim on the debtor's property as security for the debt.

Charging Order

A legal order granted to a creditor, giving them the right to attach a debtor's interest in a partnership or an LLC to satisfy the debt.