Terms

Verbal Evidence

Verbal / Parol Evidence Rule The so-called parol evidence rule relates to documents in writing. Parol evidence, in this context, means oral or verbal evidence. The rule excludes the consideration of most statements of intention in prior negotiations when finding the terms of a written agreement.… Read the rest

Types of Term

Conditions Precedent v Conditions Subsequent A distinction is made between conditions precedent and conditions subsequent. A condition precedent (or precondition) is a condition which suspends the principal obligations under the contract until it is performed. A condition subsequent is a condition which terminates a contract that has fully come into being.… Read the rest

Incorporation

Overview In many cases, the entire contract terms will not be in a single document. Contracts will commonly incorporate standard terms and conditions, often drafted by the stronger commercial party to the contract. The terms of a document may be “incorporated” or brought into the contract by reference to that document in a verbal or written agreement.… Read the rest

Implied Terms

Overview I The law may imply terms into a contract where the verbal and written communications do not contain the full agreement. In many cases, the verbal terms of the agreement which can be ascertained are relatively minimal. … Read the rest

Filling Gaps

Ascertaining the Contract Terms There must be a minimum degree of certainty in relation to the terms of a contract. If all essential terms are not agreed, there is no contract. Some terms are illusory, in that they involve no meaningful undertaking.… Read the rest

Ascertaining Terms

Terms of the Contract I The terms and conditions of a contract must have been agreed, either verbally or by implication at the time the contract was made. A court may not look at what occurred later.… Read the rest

error: Content is protected !!