The Parol Evidence Rule Is Based on the Theory That

question 12

True/False

The parol evidence rule is based on the theory that either there never was an oral agreement or, if there was, the parties purposely abandoned it when they executed their written contract.

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Definitions:

Resell Products

The act of selling again or selling something that one has bought, to another consumer or market.

Inelastic Demand

A situation where the demand for a product does not change significantly with a change in its price.

Price-Discriminating

A pricing strategy where a company charges different prices for the same product or service to different market segments based on willingness to pay.

Elastic Demand

Refers to a market situation where the quantity demanded of a product is highly responsive to changes in its price.