Whole agreement
The term “whole agreement” is used to describe a contract or agreement in which all of the terms and conditions are set forth in a single document. This type of agreement is typically used for large or complex transactions, such as real estate purchases, loans, and leases.
Whole agreements are different from standard contracts, which often have multiple documents that cover different aspects of the transaction. For example, a real estate purchase contract may include a purchase agreement, loan agreement, and other documents.
Whole agreements can be beneficial because they provide clarity and certainty for all parties involved. All of the terms and conditions are laid out in one place, so there is no confusion about what has been agreed upon.
However, whole agreements can also be difficult to negotiate and execute. Because all terms must be agreed upon upfront, there is less flexibility for renegotiation if something unexpected comes up during the course of the transaction.