Management and Organizational Studies 2275A/B Study Guide - Parol Evidence Rule, Standard Form Contract, Liquidated Damages

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Henry Meredith

Document Summary

The terms of a contract the difference between implied and express terms. After studying this chapter, you should have an understanding of: how judges determine and interpret the content of a contract, how a party can include terms to protect itself from liability. The nature, scope and extent of the obligations of the parties to a contract are known as the terms of the contract. The terms may be express, as when they have been specifically mentioned and agreed upon by the parties, or they may be implied. Since the court has considerable discretion to imply a term or not, parties are best advised to make their agreement as clear and explicit as possible. How courts will resolve a contractual dispute over terms is an open question, as is any matter that proceeds to litigation. An important evidential rule that guides a judge is known as the parol evidence rule.