COMM 393 Chapter Notes - Chapter 6: Parol Evidence Rule, Standard Form Contract, Condition Precedent
Document Summary
Week 6 parol evidence rule p. 103-107. When there is no clear evidence that a term was omitted by error, the party will be held to the contract as it is written. Parol evidence rule a rule preventing a party to a written contract from later using parol evidence to ad to, subtract from, or modify the final written contract. In the context of the word parol means extrinsic to or outside of. Rule applies both to an oral agreement that has been reduced to writing and to a written agreement that has been set out in a formal document. Does not prevent the use of parol evidence to address formation of the contract such as its legality, capacity of the parties, mistakes, duress, undue influence, or fraud. Sometimes parties agree to omit a term from the final form of the contract but intend for it to be part of their whole agreement.
