COMM 393 Lecture Notes - Lecture 11: Condition Precedent, Parol Evidence Rule
Document Summary
Parol evidence rule prevents a party from adding a term previously agreed upon in negotiations but not included in the final written contract, (parol extrinsic to, outside the contract) If it can be shown that the final written document did not contain the entire contract as in cases where the contract is part oral and part written, then evidence of the oral agreement may be introduced. Oral agreements may alter contracts after they have been made as well. Collateral agreement a separate agreement between the parties made at the same time as, but not included, the written document. In these cases there may be a liability on the collateral agreement, but there will have to be separate consideration for the agreement to be enforceable. Condition precedent any set of circumstances or events that the parties stipulate must be satisfied or must happen before their contract takes effect.
