Contracts
Under the parol evidence rule, prior oral agreements:
AMay be introduced in court to supplement the written contract
BCannot be used to contradict, vary, or add to the terms of a final written contract✓ Correct
CAre equally enforceable as written agreements in Arkansas
DAre automatically incorporated into the written contract
Explanation
The parol evidence rule bars parties from introducing prior oral (or written) agreements to contradict or vary the terms of a complete, final written contract. The written document controls.
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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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