Business Law and Ethics Essay Example | Topics and Well Written Essays - 500 words - 2

Business Law and Ethics - Essay ExampleSecondly, the Parol record Rule states that the final contract, and the provisions within it, makes on the whole the previous negotiations concerning the matter null and void. The final contract is considered the final piece of agreement, and is deemed to contain all the information that is necessary for the deal to take place effectively. Moreover, the Parol Evidence Rule non only includes previous oral negotiations and agreements, but also those, which were tack in writing. Therefore, when the final contract is signed, previous agreements are nullified because it is considered to follow all of them. If the piece of furniture was not included in the final contract, then the company, which is selling the warehouse, does not have to hand over the furniture, unless it chooses to do so as a gesture of goodwill.When one considers the second scenario, it can be said that, despite the fact that the furniture is in the agreement, the provision fo r their transfer cannot be obligate because there is no agreement concerning the price of the mentioned furniture. This situation is brought about because the terms of the agreement concerning the furniture in the contract, are vague and were not conclusively considered. In order to enforce such an agreement, its provisions have to be reasonably certain concerning the issues that are within it. The rationale for this is to ensure that the provisions are put into effect with little or no disagreements concerning with the terms of transfer. In this case, the provisions of the agreement do not state the price of the furniture, although the transfer of such furniture is mentioned. This agreement can be interpreted as one that is undeveloped and as such, its character can be considered promissory (Salbu 209). This means that the agreement was not supposed to be implemented immediately and that it is in fact, supposed to be implemented at a future date after further negotiations, concern ing the matter,