Contracts
In West Virginia, time is declared 'of the essence' in a real estate contract. This means:
ADeadlines are approximate and may be extended informally
BAll deadlines are strict and failure to perform on time is breach✓ Correct
COnly the closing date is fixed; other dates are flexible
DEither party may request a 30-day extension as a matter of right
Explanation
When time is of the essence, all contractual deadlines are strict. Failure to perform by the specified date constitutes a material breach, potentially allowing the non-breaching party to terminate and seek damages.
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