ADMS 2610 Lecture Notes - Lecture 2: Rescission, Parol Evidence Rule, Precontract

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Robert Levine

Document Summary

Practice questions on formation of contract and capacity: a has just offered to buy b"s boat for $ 20,000. 00. In telling a he accepts the offer, b also tells him that the boat is in great condition, something that b knows is not true. When the contract is prepared it only refers to the boat and not b"s statement. Of course when a gets the boat, he finds is in need of substantial repairs. A wants to return the boat and get his money back. Advise a providing your reasons. (the answer can be approached in two ways based on different principles of contract law see parole evidence rule and. Answer: parol evidence rule according to the parole evidence rule, a cannot do anything because the rule does not allow a to vary or contradict the terms of the written contract. However, there are exceptions to get around the rule.