Stefanie has entered into a contract to purchase a shopping center from Ryan. The contract requires that the closing take place on July 25. Stefanie encounters some problems with obtaining

Stefanie has entered into a contract to purchase a shopping center from Ryan. The contract requires that the closing take place on July 25. Stefanie encounters some problems with obtaining a mortgage loan and the transaction does not close on July 25. Is Stefanie in default on July 26? What issues may affect your answer?

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