Parol is a legal term that refers to a type of contractual agreement. This agreement states that any oral agreement made between parties that is inconsistent with a written contract is invalid and cannot be relied upon in court. In other words, parol agreements are only enforceable if they’re included in the agreement written down.
The Implications of Parol in Legal Contracts
In today’s world, parol agreements are becoming increasingly important in business transactions. It’s essential for business owners to be aware of their rights and obligations under a parol contract when initiating business deals. It’s crucial for business owners to be aware that if a disagreement arises, any oral agreement will not be taken into consideration, as it’s not included in the written contract.
Therefore, in order to protect yourself as a business owner, it’s important to make sure that all agreements are included in the written contact, and that you obtain both parties’ signatures to ensure that the contract is legally binding and enforceable.
Key Takeaways on Parol
At a basic level, parol is a legal term that refers to an agreement that must be included in the written contract in order to be considered valid in a court of law, should a disagreement arise. Therefore, it’s important for business owners to make sure that any agreement made is included in the contract—as oral agreements will not be taken into consideration.