Practice point: A contract is ambiguous if it reasonably admits more than one interpretation, and extrinsic evidence is admissible to determine the parties' intent.
Students should note that if parol evidence is necessary to interpret the contract, summary judgment is not warranted.
Case: Foot Locker, Inc. v. Omni Funding Corp. of Am., NY Slip 08431 (1st Dept. 2010)
Here is the decision.
Tomorrow’s issue: Torts.
