The purchaser relied on those statements in executing the contract of sale. It is always open to the parties to limit or waive the duties which the common law would impose on them for negligence. In that case, the parties are hardly likely to sue in tort. An exception might arise where the contract does not entirely negate tort liability. The plaintiff may seek to sue concurrently or alternatively in tort to secure some advantage peculiar to the law of tort, such as a more generous limitation period.
Promises are what contracts are all about.
A contract is made up of a promise of one person to do a certain thing in exchange for a promise from another person to do another thing. Contract law exists to make sure that people keep their promises and that if they do not, the law will enforce it upon them. Contract law is based on several Latin legal principles, the most important of which is consensus ad idem , which means a meeting of the minds between the parties or, in other words, a clear understanding, offering and acceptance of each person's contribution. So a contract requires an agreement between the parties. But not all agreements are contracts.