Contracts
What is the 'parol evidence rule' in contract law and how does it apply to Hawaii real estate contracts?
AA. Oral evidence may always supplement a written contract
BB. Prior oral or written agreements cannot modify the terms of a final, integrated written contract✓ Correct
CC. Verbal agreements are equally enforceable as written real estate contracts
DD. Evidence presented in court must be in Hawaiian or English
Explanation
The parol evidence rule provides that once parties have executed a final, integrated written contract, prior oral or written negotiations cannot be used to contradict or modify its terms. In real estate, this means all agreed terms must be in the written purchase contract.
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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.
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