POL 319 Lecture Notes - Lecture 6: Estoppel, Oral Contract, Contract

• School: Stony Brook University
• Department: Political Science
• Course: POL 319
• Professor: Agnita Agnian

Document Summary

Contracts by their terms cannot be completed within one year from the day after the date of formation. Collateral contracts in which a person promises to answer for the debt of another. Contracts for the sale of goods priced at or more. A guaranty contract occurs when one person agrees to answer for the debts or duty of another. Any oral and written words outside of the 4 corners of the contract are called parol evidence: the rule states that if a written contract is a complete and final statements of the parties" agreement. A completely integrated contract is the best evidence: exceptions to the parol evidence rule: Shows contract is voidable or void (due to fraud, mistake, duress etc) Concerns prior course of dealings or performance as between the parties (usage in trade) Corrects obvious clerical errors: third party rights, the two parties to a contract have privity.