Contract Law Performance Remedies In about 500 words explai

Contract Law: Performance & Remedies- In about 500 words, explain the Parole Evidence Rule and its approach to interpreting contract terms

Solution

Parol Evidence Rule and its approach on interpreting the contract terms is explained below:

The Parol Evidence Rule is a common law that regards contract and helps to identify on the specific terms of the contract. Parol Evidence Rule that applies more to a written contract. From this rule the other evidence can be provided before the final written document as which helps in the negotiation process of the parties involved. A written contract is a final evidence and the past agreement and terms will not be considered once the written is documented through this law.

The Parol evidence rule is agreed when the writing is agreed between both the parties, so that it avoid conflict when both mutually agree on the written document of the contract. Both the parties completely understand on the need for the agreement. The oral agreement cannot be taken into consideration on the Parol Evidence Rule and the written contract is mandatory.

Parol Evidence Rule always deals with prior agreement as to avoid on any mistakes where the statement needs to be true and it would affect both the parties if there is any untrue agreement on the contract. The contract is a promise that is enforceable by this law as a written document as that would make sense for the source of the agreement between the parties. The rule of evidence that can help the judge on interpreting the contract terms through Parol Evidence Rule.