What is the parol evidence rule and why is it important?

The parol evidence rule is a fundamental principle in Contract Law and it is important for both parties in a contract. This rule states that any outside evidence or agreements not written into the original contract cannot be used to modify or change the terms of the contract. This rule is important in Virginia as it protects both parties in a contract by providing a measure of security. It ensures that any agreements made verbally between two parties cannot be used as evidence to alter the original written agreement. This prevents one party from suddenly changing the deal after the fact, protecting both parties from certain risks. The parol evidence rule also provides clarity to contracts. It stops parties from bringing up past conversations and events that do not have written evidence because any evidence that is not contractually agreed upon cannot be used to alter the contract. This prevents confusion and misunderstanding between the two parties and creates a sense of trust which is the basis of all contracts. Overall, the parol evidence rule is a key principle within Contract Law in Virginia that ensures both parties in a contract are protected, provides clarity to the contract and creates a sense of trust between the two parties.

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What is the parol evidence rule and why is it important?

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