Contracts
A West Virginia real estate purchase contract includes a time-is-of-the-essence clause. This means:
AThe contract automatically extends if a deadline is missed
BAll dates and deadlines in the contract are strictly binding✓ Correct
COnly the closing date is strictly enforced
DThe parties may waive deadlines by oral agreement
Explanation
A time-is-of-the-essence clause makes all contractual deadlines strictly enforceable. Missing a deadline may constitute a breach, giving the non-defaulting party the right to terminate and seek remedies.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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