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 showWhile drafting a contract, what key principles should Jonathan and Drew remember? aProfessional representationlegal structure Exchange of value offer and acceptance Legal structureexchange of value dOffer and acceptance ; professional representation
The key principles that Jonathan and Drew should remember while drafting a contract are:
1. Legal Structure: The contract should clearly state the legal entities involved in the agreement, such as Jonathan and Drew's business and the vendor's business. This helps establish the legal foundation and ensures that both parties understand their rights and obligations.
2. Exchange of Value: The contract should outline the specific goods or services that Jonathan and Drew will receive in exchange for their payment. It should also specify the pricing and payment terms, ensuring that both parties are clear on the value being exchanged.
3. Offer and Acceptance: The contract should clearly state the offer made by one party and the acceptance of that offer by the other party. This demonstrates mutual agreement and consent to the terms and conditions outlined in the contract.
4. Professional Representation: The contract should include provisions regarding the representation of each party. It should outline the responsibilities and obligations of both parties, ensuring that both Jonathan and Drew and their vendors are acting in a professional manner throughout the business relationship.
By keeping these key principles in mind, Jonathan and Drew can create a thorough and legally binding contract that protects their interests and establishes clear expectations for working with their vendors.