Why to we have written exam?

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Well I have completed my graduation and now doing my Masters but still we have to give written exams as we use to give in schools. I am sick of reading notes and searching on NET for e-books and reading them. Basically there should be some other ways to conduct exams because some people might have knowledge but may not be able to write on papers(me & etc) because of there excess knowledge. Some other options in which we can give exams are Practical Exam, Giving Live project, Presentations, viva, etc.. So what do you think about this? Are you happy penning down exams or would prefer some other way? Also share your unique way here if you have..