Contracts
What is the parol evidence rule as applied to Hawaii real estate contracts?
AA. It allows verbal agreements to override written contract terms
BB. It generally prevents prior oral agreements from contradicting or adding to a final written contract✓ Correct
CC. It requires all contracts to be written in English
DD. It applies only to contracts involving Native Hawaiian lands
Explanation
The parol evidence rule provides that a final written contract may not be contradicted or supplemented by prior oral or written agreements, though exceptions exist for clarifying ambiguous terms.
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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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