BU231 Study Guide - Final Guide: Fide, Public Auction, Rescission
Document Summary
Bu231 final exam review - summarized from multiple course notes, lecture notes, slides, and texts the chapters that are on the 2012 final exam (more than sos) Strict approach dictionary definition liberal approach looks to the intentions of the parties, the circumstances surrounding the contract. Courts tend to combine the two approaches but the focus of judgement is on one or the other. Credibility issue of evidence, look to testimony of both parties, last option (courts don"t like it) is to make the contract void. Often need a third party to settle the dispute. Can"t add extrinsic (outside) info into the contract. Written document was not intended to embody the whole contract (part oral, part written) Does not exclude oral agreement reached after the parties entered into a written contract. This is okay if it has separate consideration. Collateral agreement separate agreement not in the written document, needs separate consideration.
