Video: Example of a Breach of Contract

In this lesson, grasp the intricacies of breach of contract through the engaging narrative involving Emily Thompson and her tax preparer, Sarah Adams. Nick Palazzolo, CPA, methodically unpacks the situation, drawing attention to the significance of deadlines in engagement letters and the responsibilities both parties have toward fulfilling them. Watch as the tale unfolds, revealing Emily's time-sensitive need for her tax return to fund a home renovation, and how a delay in tax preparation could not only break contractual obligations but also potentially lead to financial harm. Nick applies this practical example to identify when a breach might occur, examining duties, potential consequences of a breach, and underscores the importance of understanding the fine line between failing to meet a deadline and an actual breach of contract with real-world repercussions.