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Hole-In-One Mini Donuts Co.(HIO) was knee-deep in negotiations with Lemon Chicken Enterprises (LCE) for the...

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Accounting

Hole-In-One Mini Donuts Co.(HIO) was knee-deep in negotiations with Lemon Chicken Enterprises (LCE) for the sale of its deep-fryer machine factory and the adjacent 345 acres of land. HIO presented to LCE an Agreement of Purchase and Sale. While both parties had already agreed to the price of $39000000 and many of the other key terms, LCE returned the agreement the next day with a couple of suggested amendments that it felt were essential changes. Before the final version of the agreement was signed, LCE was suddenly told that HIO had sold the factory and adjacent land to a third party. Extremely miffed, the CEO of LCE telephoned the CEO of HIO, wherein the latter admitted that HIO had indeed concluded an agreement but that he had simply changed his mind before the paperwork was done. What HIOs CEO did not know was that LCE recorded the call. LCE has now commenced an action for breach of contract.
Assuming that the recorded conversation is admissible as evidence, will LCE succeed in enforcing the agreement? Provide clear and convincing reasons one way or the other.

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