Contracts
A West Virginia purchase contract contains a time-is-of-the-essence clause. This means:
AThe parties must close within 30 days by law
BDeadlines in the contract are strictly enforceable and failure to meet them may constitute a breach✓ Correct
CThe inspection period is automatically waived
DThe seller can choose to extend the closing date at will
Explanation
A time-is-of-the-essence clause makes all contractual deadlines strictly binding. Failure to perform by the specified date can constitute a material breach of contract.
Related West Virginia Contracts Questions
- Which clause in a West Virginia purchase contract allows the seller to continue marketing the property and accept a better offer if the current buyer's contingencies are not met?
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