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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 7
Lang Industries, Inc. negotiated and entered into a business loan agreement with Bank of America, N.A. The written contract clearly stated the terms of the loan, including the principal amount, interest rate, and the repayment schedule to be paid in 120 monthly payments. The loan agreement stated that the final monthly payment would be a larger "balloon" payment for all remaining principal and accrued interest due on the loan. After Lang Industries failed to make the final payment, the bank sued to recover the interest and fees associated with the loan. Lang Industries argued that the contract was ambiguous and that when negotiating the loan, David Lang and a bank employee had agreed that there would be no balloon payment at the end of the loan. Should the court allow oral evidence to be admitted in interpreting the contract?
Explanation
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Oral evidence also known as spoken words...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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