Contracts
In West Virginia, 'time-is-of-the-essence' language in a real estate contract means that all deadlines are:
ASuggested timelines that can be extended by custom
BStrictly binding — failure to perform by the stated deadline constitutes a material breach✓ Correct
COnly binding on the party who wrote the contract
DApplicable only to the closing date, not inspection or financing deadlines
Explanation
When a contract includes time-is-of-the-essence language, all stated deadlines are strictly enforceable. Failure to perform by any deadline can constitute a material breach entitling the non-breaching party to their remedies.
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