Editing Contracts Ayres/9th ed. Outline
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************* Separate consideration for parol agreement | ************* Separate consideration for parol agreement | ||
************* Concerns “naturally omitted” term | ************* Concerns “naturally omitted” term | ||
************ | ************ Masterson v. Sine | ||
************* o Facts: P offered parol evidence that showed the parties wanted to keep the property in the family and that the option was therefore personal to the grantors and could not be exercised by D’s trustee in bankruptcy. | ************* o Facts: P offered parol evidence that showed the parties wanted to keep the property in the family and that the option was therefore personal to the grantors and could not be exercised by D’s trustee in bankruptcy. | ||
************* o RULE: If term not normally included in original contract --> contract may not be fully integrated à can bring in evidence on that collateral term | ************* o RULE: If term not normally included in original contract --> contract may not be fully integrated à can bring in evidence on that collateral term | ||
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Free-way-out = clause that constitutes ability to get out (owner’s approval clause) à agreement to negotiate (minimum is prelim contract to negotiate in good faith)Output K – only what you can reasonably provide | Free-way-out = clause that constitutes ability to get out (owner’s approval clause) à agreement to negotiate (minimum is prelim contract to negotiate in good faith)Output K – only what you can reasonably provide | ||
==B. Interpretation== | ==B. Interpretation== | ||