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The first reason is that the contract contains and covers all the terms which the two parties have come to the agreement. This means that any external document has to be expressly incorporated into the contract. Besides, This is to prevent any ambiguity about the status of any earlier agreements or understandings. Both parties shall only base on the contract to perform their obligations. The last point is to prevent any disagreements and dispute arsing from the difference between the previous drafts and the contract so that the contract can be immediately executed for both parties’ sakes ?
A contract normally includes wording the following elements: •An entire agreement statement: a statement in the contract that the parties agree that the terms of the contract between them are to be found within the text of the contract document and nowhere else.
All entire agreement clauses include this element •An exclusion of liability for misrepresentation: most entire agreement clauses include one or more of the following: – An acknowledgment by the parties that they have not relied on any representation which is not set out in the contract; – A statement excluding liability for misrepresentation
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