A buyer signed a contract to purchase real property from the seller; subject to the buyer's ability to secure a loan for a part of the purchase price within thirty-days. After diligent effort, the buyer was unable to secure the loan within the specified time allowed. This contract is( Please give a reason for your answer)

It's "a dying contract" . . . . seeing as it's not quite dead yet because maybe the Seller will come to the rescue and offer to allow the transaction to go forward with an Owner Financed Purchase Money Mortgage.

This question will remain for 12 hours ( Minus the time posted on the original post) before I give the correct answer with explanation and post another quiz question.

Breach of contract.
Buyer said he will get financing by…......what happens next depends on who’s fault it was, the buyers or the lenders, and how this is addressed in the contract.

I agree with Vermont. This contract is on life support. All parties can agree to amend the existing contract to extend the finance contingency period before the existing finance contingency expires. Otherwise, the finance contingency will be removed by the passage of time and the buyer must either rely on another active contingency to terminate, find another way to come up with the funds or default on the purchase.

The answer: The contract is voidable by the buyer: The contract was voidable by the purchaser because it was subject to his ability to secure necessary financing. The seller does not have this option.