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

Materially Breached

The violation of a contract that is so substantial it significantly impacts the contract's purpose, justifying the other party's termination of the agreement.

Audit

An official inspection of an individual's or organization's accounts, typically by an independent body, to ensure accuracy and compliance with laws and regulations.

Contract

A legally binding agreement between two or more parties that defines and governs the rights and duties of the parties involved.