Contracts
A West Virginia purchase contract is contingent on the buyer's home selling within 45 days. After 45 days, the buyer's home has not sold. Under the contingency:
AThe contract automatically converts to non-contingent
BEither party may terminate and the buyer receives earnest money back✓ Correct
CThe seller can keep the earnest money as liquidated damages
DThe buyer must remove the contingency and proceed
Explanation
If a contract contingency is not satisfied within the specified timeframe and the contingency is not waived, either party may typically terminate the contract and the buyer is entitled to return of the earnest money deposit.
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