Contracts
The parol evidence rule in contract law generally prevents parties from:
AIntroducing oral testimony to modify a written contract✓ Correct
BRecording a contract in the public record
CAssigning their contract rights to a third party
DUsing the contract as evidence in court
Explanation
The parol evidence rule prevents parties from using prior oral or written agreements to vary or contradict the terms of a final, complete, written contract — the written contract is the final agreement.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Math Concepts
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