Parol Evidence Is Not Admissible to Show Fraud, Duress or Mistake

question 56

True/False

Parol evidence is not admissible to show fraud, duress or mistake.

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Definitions:

Unearned Rent

Income received by an entity for rent that has not yet been earned, typically because the period of tenancy has not yet occurred.

Accounts Payable

Liability accounts listing the amounts a company owes to suppliers for goods or services received on credit.

Salaries Payable

A liability account representing the amount of wages owed to employees for work performed but not yet paid.

Liability Account

A financial accounting term representing the debts or obligations of a company incurred during business operations.