Contracts
In West Virginia, a 'time is of the essence' clause in a purchase contract means if the buyer fails to close on the specified date:
AThe seller must provide a 30-day extension automatically
BThe seller may treat the failure as a material breach and retain the earnest money✓ Correct
CThe closing date automatically extends 7 days by law
DThe buyer receives a full refund and the contract is void
Explanation
When time is of the essence, failure to close on the specified date is a material breach. The non-defaulting seller may terminate the contract and typically retain the earnest money as liquidated damages under the contract terms.
Related West Virginia Contracts Questions
- A West Virginia buyer who backs out of a transaction without a valid contractual reason after removing all contingencies may:
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