Management and Organizational Studies 2275A/B Chapter Notes - Chapter 7: Liquidated Damages, Parol Evidence Rule, Condition Subsequent

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Terms: contractual terms can be expressed or implied. Express terms: an express term is a provision of the contract that states or makes explicit one party"s promise to another. I. e. the price, quantity, and warranties of a contract. Judicial interpretation of express terms: vague or ambiguous language, even when a term is express, there may be problems interpreting what it means because the language is vague or ambiguous. In such cases, the contract will fail for uncertainty, and none of the promises it contains will be enforceable. In general, terms are not easily implied except in routine transactions, or unless the sale of. The parol evidence rule: contracts can take 3 possible forms: (1) entirely oral. I. e. the terms of the contract are based on a conversation (2) entirely written. I. e. the terms of the contract are contained in a written contract (3) both oral and written. If there is a problem with the formation of the contract.