Management and Organizational Studies 2275A/B Chapter Notes - Chapter 10: Parol Evidence Rule, Condition Precedent, Perjury

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

Document Summary

Formal contract: contract deriving its validity from the form that it takes. Informal or simple contract: implied, oral, or written. Power of attorney: a legal document usually signed under seal in which a person appoints another to act as his or her attorney to carry out the contractual or legal acts specified in the document. Designed to prevent perjury and fraud with respect to leases and agreements concerning land. Guarantee: a collateral promise (in writing) to answer for the debt of another (the principle debtor) if the debtor should default in payment. Part performance: a doctrine that permits the courts to enforce an unwritten contract concerning land where certain conditions have been met. Contract need not to be in formal document, however must include written document all of the terms of the contract. Parties to the agreement be identified either by name or description, terms be set out in sufficient detail.