Which of the Following Best Defines Parol Evidence Rule

question 15

Multiple Choice

Which of the following best defines parol evidence rule?

• A) It states that contracts for the sale of goods priced at $500 or more must be in writing to be enforceable.
• B) It requires that all contracts should be written, whatever their form, and be signed by the party against whom enforcement is sought.
• C) It states that any oral or written words outside of the four corners of a written contract are inadmissible in court regarding a dispute over a contract.
• D) It requires that a contract entered into by parties prior to marriage that defines their ownership rights in each other's property must be in writing.

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Definitions:

U.S. GAAP

United States Generally Accepted Accounting Principles, a set of rules and guidelines meant to ensure financial reporting consistency and transparency.

Geographic Segment

A part of a business that operates in a specific geographical area that is significant enough to require separate financial reporting.

U.S. GAAP

Short for United States Generally Accepted Accounting Principles, it represents the framework and specific rules for financial accounting and reporting in the U.S.

Gross Profit

The difference between revenue and the cost of goods sold, representing the amount before operating expenses, interest, and taxes are deducted.