Able entered into a written contract with Baker to sell Greenacre. The contract was dated June 19 and called for a closing date on the following August 19. There was no other provision in the contract concerning the closing date. The contract contained the following clause: "subject to the purchaser, Baker, obtaining a satisfactory mortgage at the current rate." On the date provided for closing, Baker advised Able that he was unable to close because his mortgage application was still being processed by a bank. Able desired to declare the contract at an end and consulted his attorney in regard to his legal position. Which of the following are relevant in advising Able of his legal position? I. Is time of the essence? II. Parol evidence rule. III. Statute of Frauds. IV. Specific performance. 
I and III only. II and IV only. II, III, and IV only.  I, II, III, and IV. 
Question: Able entered into a written contract with Baker to sell Greenacre. The contract was dated June 19 and called for a closing date on the following August 19. There was no other provision in the contract concerning the closing date. The contract contained the following clause: "subject to the purchaser, Baker, obtaining a satisfactory mortgage at the current rate." On the date provided for closing, Baker advised Able that he was unable to close because his mortgage application was still being processed by a bank. Able desired to declare the contract at an end and consulted his attorney in regard to his legal position. Which of the following are relevant in advising Able of his legal position? I. Is time of the essence? II. Parol evidence rule. III. Statute of Frauds. IV. Specific performance. 
A. I and III only.
B. II and IV only.
C. II, III, and IV only. 
D. I, II, III, and IV. 
Answer: