Contracts
The parol evidence rule in contract law provides that:
AVerbal agreements always supersede written contracts
BPrior or contemporaneous oral agreements are generally inadmissible to contradict or vary a fully integrated written contract✓ Correct
COral leases are not enforceable
DOnly notarized documents are admissible in court
Explanation
The parol evidence rule generally prevents parties from introducing prior oral agreements to contradict the terms of a fully integrated written contract.
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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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