there are many types of various key terms that are used in contracts between two parties as per business law......state their importance.

Disclaimer Disclaimers are very common in business contracts. The disclaimer statement will limit the amount of penalty that a party has to pay if they breach the contract in question. Essentially it's a "cap" or "maximum" for the damages that a party would have to pay if something went wrong. Entire Agreement It is important to state that the contract in question represents the entire agreement between the parties. This helps avoid using any additional statements that may be made by either party in a dispute, and clarifies that the entire agreement between the parties is stated within the contract itself. Exclusion An exclusion clause covers certain circumstances where the contract will not apply. For example, in an insurance contract, there may be certain things that are not covered under a policy, and will be listed as an exclusion. Force Majeure A force majeure is an unexpected significant event (i.e. war or natural disaster) that prevents either party from fulfilling their obligations, but is beyond the control of either party. Including this in a contract is important for both parties so that they are not expected to cover damages that are out of their control. There are various other terms within a contract that are important to note. Fundamentally it is important that any company or individual, who is involved in a contractual relationship, understands their obligations in detail. If reading or understanding terms within a contract is difficult, it is recommended that assistance from a legal professional is sought out