MGMT 3320 Study Guide - Parol Evidence Rule, Contractual Term, Drafter
19 Nov 2012
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Chapter 7 the terms of a contract. A provision of a contract that states a promise explicitly. Court assigns reasonable meaning to vague or ambiguous terms. If a contract is made by one of the parties, any ambiguity in the language will be construed against that party in favor of the other. Drafter should bear the risk of unclear language. If language is so ambiguous that the contract cannot be understood, the contract will fail for uncertainty, none of the promises it contains will be enforceable. Rules of construction: guiding principles for interpreting or constructing the terms of a contract. A provision that is not expressly included in a contract but that is necessary to give effect to the: implied terms parties" intention. When an event arises that is not addressed in the contract through express terms, courts may be asked to imply a term in order to give effect to the parties" intention.
