Bus 80 11.doc - Bus 80 11/26/07 The Parol Evidence Rule...

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Bus 80 11/26/07 The Parol Evidence Rule - When the parties have a written agreement which the parties intended be the complete agreement, parol (oral) evidence of prior or contemporaneous communications will not be permitted to alter the terms of the contract, unless the language is ambiguous. o Capacity – in order to be bound by a written contract, a person should have the mental capacity to understand what contract they signed. And if they don’t know they can go and seek the deal that two sellers brought up. Capacity may or may not be enforceable based on the capacity of minors. A child/minor cannot be bound to a contract mainly because they simply cannot understand the contract. So they have the ability to void the contact if they wish - Mistakes Of Fact o Only a Mistake of Fact allows a contract to be canceled. o Bilateral (mutual) Mistakes can be rescinded by either party. o Unilateral Mistakes cannot be canceled UNLESS If other party to the contract knows or should have known that a
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This note was uploaded on 09/08/2010 for the course BUS 80 at San Jose State University .

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Bus 80 11.doc - Bus 80 11/26/07 The Parol Evidence Rule...

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