(1)  Every covenant and power implied in any dealing by virtue of this Act may be negatived or modified by express declaration in the dealing or endorsed on the dealing.

(2)  In a declaration in an action for an alleged breach of a covenant referred to in subsection (1) , the covenant alleged to be broken may be set forth; and it may be alleged that the party against whom the action is brought did so covenant precisely in the same manner as if that covenant had been expressed in words in that dealing.

(3)  Every implied covenant referred to in this section has the same force and effect and is enforced in the same manner as if it had been set out at length in the dealing.

(4)  Where any dealing is executed by more parties than one, such covenants as are by this Act declared to be implied in dealings of the like nature shall be construed to bind the parties jointly and severally.