Question: Mack entered a contract with Tack in which Mack would pay Tack $20,000 for Tack's used Mercedes automobile. The contract is dated on November 24,

Mack entered a contract with Tack in which Mack would pay Tack $20,000 for Tack's used Mercedes automobile. The contract is dated on November 24, 2014 with payment and transfer of title to occur on December 24. Although not mentioned in the contract, assume that Mack was counting on a loan from his sister, Slack, of $19,000 so that he could make the purchase. Slack had promised him, in writing, that she would make the loan. But on December 23, Slack called Mack to inform him she lost all her money at the casino and cannot make the loan. Does Mack have valid reason to get out of the contract with Tack?

a. Yes, failure of a condition precdent.

b. Yes, impossibility.

c.No, this is not a condition precedent.

d. The first and second choices are correct.

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