International Business Transactions - Essential rules in the USA Contract Law 2

CONTRACT  TERMS  

Parol  evidence  rule:  something  that  is  written  later  is  more  important  that  everithing  is  said  

before.  There  are  many  things  said  between  the  parties  and  then  the  parties  sign  a  contract  so  

there  are  also  agreement  not  in  the  contract.  The  rule  says  that  what  is  in  the  contract  is  more  

important  that  everything  it  is  said  before.  There  are  some  exceptions:  

1. Correct   clerical  errors,  errori  materiali  evidenti,  the  judge  can  consider  witnesses.  

2. When  is  necessary  to   establish  a  defense,  so  will  be  necessary  to  call  witnesses.  

3. When  the  parol  evidence  is  necessary  to  interpret  an   ambiguous  term.    

4. There  is  an  exception  to  the  exception.  The  parole  evidence  is  not  admitted  anyway,  for  

example  with  a   merger  clause.  This  contract  is  complete  and  no  parole  evidence  should  

be  admitted  anyway.  

PERFORMANCE  

Is  our  adempimento,  you  have  an  obligation  and  you  have  to  fulfill  it.  There  are  different  rule  in  

common  law  and  in  statutory  law.  Art.  2  UCC:   perfect  tender  rule,  the  parties  have  to  perform  

precisely  what  is  said  in  the  contract.  Although  the  other  part  can  reject  and  refuse  to  accept  the  

performance.  There  is  also  an  exception  called   option  to  cure.  If  the  other  party  refus