When Buyer Wendelson needs more time to satisfy contract conditions, what must happen?

The correct answer emphasizes the importance of mutual agreement in a contractual context. When a buyer like Wendelson requires additional time to satisfy contract conditions, it's crucial for both parties to consent to that extension formally. This ensures that the modification to the timeline is legally enforceable and prevents any disputes in the future regarding the agreed-upon terms.

Having both parties agree in writing creates a clear record of the modification, thus protecting the interests of both Wendelson and Chao. It confirms that both have acknowledged the change and agree to the new timeline, which is essential for maintaining the integrity of the contractual relationship.

Other options do not adequately address the necessity of mutual assent for legal enforceability. For instance, simply sending a formal notice or a verbal agreement may not provide the necessary legal grounding for a change in contract terms. Additionally, requiring compliance with external regulations or drafting a new contract would add unnecessary complexity when a simple written agreement suffices.