A buyer and a seller enter into an agreement. They agree that the buyer will buy 1,000 bushels of corn from the farmer for $10 a bushel, for a total price of $10,000. They agree that the buyer will pay $10,000 to the seller now, and the seller will deliver the 1,000 bushels of corn […]
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The parol evidence rule is a rule applicable to contracts. The word “parol” means “oral,” and the parol evidence rule provides that oral testimony concerning the meaning of provisions in a contract is inadmissible if it would change the agreement made by the parties. The parol evidence rule applies to both oral and written contracts. […]
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Generally speaking, contracts may be written or oral, although there are exceptions requiring that some contracts be in writing to be enforceable. Of course, parties who enter into any contract would be well advised to put their agreement in writing. The reason, of course, is that memories fade, and even at a point in time […]
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