Contracts
In Alabama, the parol evidence rule means that:
AAll contracts must be written in plain English
BPrior oral agreements cannot modify a fully integrated written contract✓ Correct
CVerbal agreements are as enforceable as written ones
DContracts must be witnessed by two parties
Explanation
The parol evidence rule prevents parties from introducing prior oral or written agreements to contradict the terms of a fully integrated written contract. What's in the written contract governs.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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