AFM231 Chapter Notes - Chapter 7: Contract Clause

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Express term: a provision of a contract that states a promise explicitly. Rules of construction: guiding principles for interpreting or constructing the terms of a contract. Implied term: a provision that is not expressly included in a contract but that is necessary to give effect to the parties" intention. Entire contract clause: a term in a contract in which the parties agree that their contract is complete as written. Contractual quantum meruit: awarding one party a reasonable sum for the goods and services provided under contract. Parol evidence rule: a rule that limits the evidence a party can introduce concerning the contents of the contract. Condition subsequent: an event or circumstance that, when it occurs, bring an existing contract to an end. Condition precedent: an event or circumstance that, until it occurs, suspends the parties" obligations to perform their contractual obligations.