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Transactional Drafting: Tools and Forms

After communication and negotiation, it's the time to write down all the terms parties aligned and agreed. In order for a contract to be valid, it needs to fulfill the requirements for a valid contract. These requirements are set forth by state and federal laws. A legal contract should meet the following requirements:

  • Offer/Acceptance: One party needs to make an offer, and the other needs to accept the offer. Both offer and acceptance need to be done in a way that is clear and unambiguous.
  • Assent: Both parties must mutually assent (agree) to the terms of the contract. They should be clear as to the terms, words, and definitions used in the agreement
  • Consideration: Each party needs to exchange something of value. For instance, one party is usually providing service or goods in exchange for monetary payment.

From the above requirements, you can see the keys when drafting a contract: clear on terms, words, definitions, explicit on considerations including obligations and rights. 

Form Agreements/Models