Chapter 1.4, Problem V.7E

Statement 1: A warranty is a written guarantee issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary, within a specified period of time. Statement 2: Estimated warranty liabilities can be accounted for under accrual and expense as incurred approach. Both statements are correct. Only the second statement is correct. Neither of the statement is correct. Only the first statement is correct.

In a dispute involving a written, integrated contract, the parol evidence rule excludes which type of evidence?   Question 1 options:   Evidence that existed before the contract was finalized   Evidence that did not exist until after the contract was finalized   Evidence came into existence regardless of a valid contract   None of the above

With fully explain why statement is true and why false