The Parol Evidence Rule Applies Only to Integrated Contracts, Meaning

question 70

True/False

The parol evidence rule applies only to integrated contracts, meaning those in which the parties have assented to the written agreement as the statement of the complete agreement between them.

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Definitions:

Company's Members

Individuals or entities that have an ownership interest in a corporation, commonly referred to as shareholders or stockholders.

ASIC

The Australian Securities and Investments Commission; an independent Australian government body that acts as the corporate regulator.

Liquidation Surplus

The amount of money remaining after all liabilities and obligations of a liquidating entity have been settled, which is then distributed to shareholders.

Preference Shares

Shares that give holders preferential rights over common shareholders regarding dividends and assets distribution upon liquidation.