Contracts
Under the Missouri parol evidence rule, oral agreements made before a written contract:
ACan always override written terms
BGenerally cannot be used to alter or contradict the written contract✓ Correct
CAre binding if witnessed
DMust be recorded to be valid
Explanation
The parol evidence rule bars introduction of prior oral (or written) negotiations to alter or contradict the terms of a complete written contract. The written contract is presumed to represent the parties' final agreement.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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