The Parol Evidence Rule May Not Apply If

question 18

Multiple Choice

The parol evidence rule may not apply if:

• A) the contract is materially incomplete.
• B) the parties disagree on the meaning of the contract.
• C) there is no ambiguity regarding the terms of the contract.
• D) one party is unable to perform the contractual obligations.

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Definitions:

Strategic Planning

The process of defining a business's direction and making decisions on allocating its resources to pursue this strategy, including its capital and people.

Performance Intention

The determination or resolve of an individual or organization to achieve specific performance outcomes or goals.

Entrepreneurial Behavior

Actions and attitudes characteristic of entrepreneurs, such as innovation, risk-taking, and proactiveness, in pursuing new business ventures.

Profit

The financial gain made in a transaction or operation, calculated as the difference between revenue and costs.