No formulas, calculations or even notes are required here - it can be solved visibly in about 30 seconds with basic geometry rules
Remember that a square is also a rectangle, a parallelogram and a rhombus, and a rectangle is also a parallelogram. To maximise the area for any given perimeter, form a square
(1) tells us the perimeter, and that the sides are equal. We can make various rhombus shapes from this information, from a square (max area) to a very narrow diamond (smaller area). Minimum area is zero, when we squash the diamond so flat it becomes a line. In any case, there are many possible areas so we cannot determine. Insufficient
(II) This information tells us the diagonals are equal. This means that the parallelogram is in fact a square or a rectangle (geometry rules). Insufficient
(i) and (ii) - we have must have square with sides equal to 1 and diagonals equal to rt2. Area is 1. Sufficient
Basically 1 tells us we that the parallelogram that is a rhombus, and 2 tells us that that the parallelogram that is a rectangle. Combining them, we must have a square, as only a square is both a rectangle and a rhombus. We actually only need the diagonal or the side value to calculate the area in this case
Remember the rules -
Square - sides and diagonals equal
Rectangle - diagonals equal
Rhombus - sides equal
All are parallelograms