Virginia,a CPA,fails to complete an audit by the March 30 deadline in her "time of the essence" contract with Waymuth Corp.The corporation is legally obligated to allow Virginia a reasonable extension.

Question

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In a "time of the essence" contract, deadlines are strict and missing a deadline can be considered a breach of contract, so the corporation is not legally obligated to allow an extension.

Virginia,a CPA,fails to Complete an Audit by the March 30