Jonathan and his partner Drew understand they need to create a document to address stipulations for working with their vendors who supply building materials and home decor staging products for their home show. While drafting a contract, what key principles should Jonathan and Drew remember?
(1 point)
Professional representation; legal structure
Exchange of value; offer and acceptance
Legal structure; exchange of value
Offer and acceptance; professional representation
The key principles that Jonathan and Drew should remember while drafting a contract include:
1. Legal structure: They need to ensure that the contract is legally binding and complies with all applicable laws and regulations.
2. Exchange of value: The contract should clearly define the terms and conditions of the business relationship, including the nature of the goods or services being provided by the vendors and the payment terms.
3. Offer and acceptance: The contract should clearly state the specific terms and conditions agreed upon by both parties, ensuring that there is a mutual understanding and agreement.
4. Professional representation: Jonathan and Drew should ensure that their interests are represented in the contract and that all necessary protections are in place to safeguard their rights and business objectives. This may involve seeking legal advice or consulting with professionals experienced in contract drafting.