LS283 Lecture 6: The Terms of a Contract

• School: University of Waterloo
• Department: Legal Studies
• Course: LS283
• Professor: Darren Charters

Document Summary

Once you have the "final form" of the contract, assume you are bound and that the words mean what basic english would suggest they should mean. Express terms: terms that are explicitly detailed of their meaning. In addition to expressly agreed upon terms, there can also be additional. Duty of good faith to honestly complete the obligations. The parol evidence rule and entire contract clauses. The rule applies to disputed contracts where it seems apparent (to a court) the parties put all the terms in writing. "exceptions" exist but it is risky to rely on them. Parol evidence rule may be ignored in situations where it would otherwise apply otherwise apply. Many business contracts use an entire contract clause. An express contractual (boilerplate) clause designed to ensure parol evidence rule will be operative should there be a disagreement over a term or terms. Establishes limits on liability of a party failing to perform obligations.