Contracts

Question 1

Parol evidence rule

Answer 1

Prevents a party to a written contract from presenting evidence of a prior or contemporaneous agreement

Question 2

Express condition

Answer 2

Explicit clause stating that an uncertain future event will (1) create a duty to perform or (2) extinguish a duty to perform

Question 3

When is parol evidence admissible

Answer 3

(SCARED)
Subsequent modifications
Collateral agreements
Ambiguous terms
Remedy grounds
Extent of integration
Defense to formation

Question 4

Constructive condition precedent

Answer 4

Each party’s performance of its own promise
If either party fails to substantially perform, the other party’s duty is excused