The Parol Evidence Rule Allows Testimony to Vary the Terms

question 19

True/False

The parol evidence rule allows testimony to vary the terms of a written contract if they are ambiguous terms or subsequent terms.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a marketplace.

Marginal Cost

The additional expense involved in making or acquiring one more unit of a product or service.

Downstream Division

The part of a company or industry involved in the later stages of the production process, including distribution and retail.

Transfer Price

The price at which goods and services are sold between divisions within the same company, often used for budgetary and accounting purposes.