Law 2101 Study Guide - Quiz Guide: Efficiency Ratio, Parol Evidence Rule, United Nations Convention On Contracts For The International Sale Of Goods
Document Summary
A validly concluded contract obliges the parties to perform their contractual obligations. This is where the interpretive discipline comes in. Interpretation: the aim is to establish one meaning for all parties affected by the contract. Parties often only agree on a few main points (price, date) and do not bother about agreeing on anything else. The law provides solutions to deal with incomplete contracts. In each jurisdiction this so-called gap filling or supplementation of the party agreement takes place in two different ways. First it can happen that parties did not provide for a certain contingency because it is such an obvious part of the contract that they did not believe it necessary to spell it out. If necessary the court fills the gap in the party agreement by speaking for the parties: although they did not consider the matter, the court construes what they would have said.
