A purchase agreement for a residential property in Huntington, West Virginia is signed by both parties on March 1st. The agreement specifies a closing date of April 15th but does not include the phrase 'time is of the essence.' The buyer's lender experiences delays, and closing does not occur until April 22nd. The seller now claims the contract is void due to the missed closing date. Under West Virginia contract law, which statement is most accurate?
Correct Answer
D) The contract remains enforceable because without a 'time is of the essence' clause, the closing date is a target date and reasonable delays are permitted
Under West Virginia contract law, when a purchase agreement does not include a 'time is of the essence' clause, the specified closing date is treated as a target date rather than an absolute deadline. Courts will generally allow a reasonable period of additional time to perform. A seven-day delay caused by lender processing would likely be considered reasonable, and the seller cannot unilaterally declare the contract void without first providing notice and an opportunity to cure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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