Which of the Following Is LEAST Likely to Be Classified

question 2

Multiple Choice

Which of the following is LEAST likely to be classified as a breach of contract?

• A)A delay by one party in carrying out their obligations where time is of the essence.
• B)A failure by one party to comply with one of the terms of the contract.
• C)An announcement by one party that they do not intend to carry out their obligations under the contract.
• D)A failure by one party to exercise reasonable care in carrying out their obligations under the contract.

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Definitions:

Financial Statements

Reports that summarize the financial performance and health of a business including balance sheet, income statement, and cash flow statement.

Balance Sheet

A summary record that outlines a firm's assets, liabilities, and equity held by shareholders at a specific timeframe, showing its financial status.

Statement of Owner's Equity

A financial statement that outlines the changes in the equity of a company over a specific period, including contributions, withdrawals, and the net income or loss.

Worksheet

An accounting tool used for planning and preparing financial statements, allowing accountants to adjust and update figures through a series of adjustments.