Case Scenario: Lord Berkeley Corp. recently concluded its discussions with Dewey, Cheatem & Howe, a mid-sized accounting firm, after rejecting a Big-5 accounting firm's offer to undertake an annual company-wide audit at higher hourly rates. Lord Berkeley Corp. was in search of a reputable accounting firm to conduct an audit of its public bidding contracts and its revenue derived therefrom and to provide the results of its audit within thirty to sixty days. Initial discussions with a Big-5 accounting firm occurred in this manner: After initial telephone discussions, the Big-5 Accountants forwarded a written proposal for services to Lord Berkeley Corp.'s President that contained a fair, flat project rate to Lord Berkeley and indicated that the "Accountants agree to use their best darn efforts in accordance with reasonable and professional practice standards to complete the requested corporate audit within sixty (60) days." Because of the time-sensitive nature of the work, the Big-5 Accountants Proposed Agreement was sent via overnight mail on Tuesday afternoon and provided that this Agreement and all offers contained herein shall be null and void if not signed, accepted and faxed within 48 hours of receipt by the Lord Berkeley Corp." Lord Berkeley Corp.'s mailroom received the Big-5 Accountant's written proposal for services on Wednesday around noon and the President personally received the Proposal on Wednesday afternoon at 5:00p.m., just prior to the close of business and right before he left the office on that day, On Friday morning, the President dictated a cover letter and left a signed copy of the Big-S Accountant's written proposal Agreement with his Secretary with explicit instructions to send and fax it back ASAP to the Big-5 Accounting firm. The cover letter indicated that the hourly rates and everything else in the agreement was acceptable and underscored that the audit work be performed and completed within 60 days. The President's Secretary personally malled the signed cover letter and signed Agreement to the Big-5 Accounting Firm in a properly addressed envelope at 4:00 p.m., l.es, within 48 hours of the President's receipt of the proposed written Agreement. However, the Secretary neglected to fax the signed letter and Agreement to the Big-5 Accountants before leaving work on that Friday. Horrified that night by her failure to do so, the President's Secretary rushed into the office on Saturday morning and faxed a copy of the President's signed letter and the signed Agreement to the Big-5 Accountants' office around 9 a.m. A. Is there a legally binding and enforceable Contract between the Big-5 Accountants and Lord Berkeley Corp.? Explain your response and identify all of the relevant legal principles that guided your analysis and conclusion. (Max. 7 Points) B.If the parties had reached the same agreement on all material terms verbally via telephone, would the Statute of Frauds require this type of professional service agreement to be in writing? Explain. (Max. 3 Points)