7 Business law questions
1-Define the Parol Evidence Rule. What does the “four corners” directive state? What exceptions, if any, does the rule allow?
2-What is the legal definition of Minor Breach and Material Breach? What are the legal ramifications of both? May the non-breaching party rescind the contract with either breach.
3.-Define and distinguish the Covenant, the Condition Precedent Contract, and the Condition Subsequent Contract.
4.-Define compensatory, liquidated, and nominal damages. Which provides for the loss of a bargain (financial) of the contract? What are the primary requirements for liquidated damages?
- What contracts must adhere to the Statutes of Frauds? Be very comprehensive and specific in your answer.
- Distinguish the primary differences between UCC-2 and UCC-2A. What is the UCC abbreviation represent?
- Describe by legal name all parties to a contract assignment. May all rights be assigned? Are anti-assignment clauses in a contract allowed to prevent assignments?
Define the Parol Evidence Rule. What does the “four corners” directive state? What exceptions, if any, does the rule allow?
Parol Evidence Rule is a contractual agreement preventing the introduction of evidence of prior negotiations and agreements that contradicts or modifies the terms of a contract that is intended for the final expression of the parties’ agreement (Emerson, 2013). The “four corners” directive states that when ascertaining the legal significance and the………………
APA 773 words