Contracts
A West Virginia real estate contract containing a 'time is of the essence' clause means:
AThe parties should complete performance as soon as possible but have flexibility
BAll deadlines in the contract are strictly enforceable and missing them constitutes a material breach✓ Correct
CThe contract expires exactly 30 days after signing
DPerformance can be extended by mutual oral agreement
Explanation
A 'time is of the essence' clause in a West Virginia contract makes all dates and deadlines strictly enforceable. Failure to perform by the specified date constitutes a material breach, giving the non-defaulting party the right to cancel and seek remedies.
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