The ________ Says That If a Written Contract Is a Complete

question 39

Multiple Choice

The ________ says that if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract.

• A) parol evidence rule
• B) firm offer rule
• C) open terms rule
• D) gap-filling rule

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Definitions:

Interest Rate

The annual percentage yield that is charged as interest for borrowing money or paid to investors as a return on investment.

Income

Money received on a regular basis from work, investments, business, etc., used to fund living expenses and savings.

Utility Function

A mathematical representation of how consumers rank different bundles of goods based on the level of satisfaction (utility) they provide.

Consumption

The use of goods and services by households or individuals, often considered in terms of the amount consumed.