ETH 321 Course Great Wisdom / tutorialrank.com ETH 321 Course Great Wisdom / tutorialrank.com | Page 8

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Applying the parole evidence rule

•
a written contract is the final expression of the party's
agreement and may not be contradicted by oral or written
agreements made prior to the writing.
•
oral agreements may be used to change a final written
contract if the final written contract isn't exactly conforming to the
pre-contract agreements.
•
written contracts with ambiguous terms are automatically
void and cannot be corrected.
•
written agreements may be used to change a final written
contract if the final written contract isn't exactly conforming to the
pre-contract agreements
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LLPs were created to

•
Increase the duration of the business entity permitted under
LLC statutes.
•
Provide limited protections for general partners increasing
protections offered by LLCs.
•

Ease the costs and filing requirements present with LLCs.

•

limit taxation burdens existing in LLCs

3Stan is an investment manager. He has received money from
various investors with a promise of very high returns on their
investments. The invested money is not supplying enough capital in