Contracts
In Minnesota, what is the effect of the integration clause (entire agreement clause) in a purchase agreement?
AIt requires all parties to integrate their finances before closing
BIt states that the written contract is the complete and final agreement, superseding all prior oral or written negotiations✓ Correct
CIt allows either party to renegotiate after signing
DIt integrates multiple properties into a single transaction
Explanation
An integration clause (merger clause or entire agreement clause) states that the written contract is the parties' complete and final agreement, superseding all prior oral agreements, representations, or negotiations. This protects against claims that unwritten side agreements exist. All material terms must be in the written purchase agreement.
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