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hi welcome back so in our last two videos we identified what are the elements in a contract and we discuss why contracts are important so just as a recap the elements in a contract are what offer consideration acceptance consideration is whatever is offered to the offeree in exchange for their services it can be money usually it is thats what our consideration is why do we need contracts we need contracts first and foremost for clarity so that all the parties obligations are set out in a contract and there is no cause for confusion we also need contracts to determine liability if something goes wrong who is going to be responsible now well take a look at our sample vendor agreement and identify how these clauses play out in an agreement so lets start at the top this agreement the agreement affected as of blank date very important especially if were talking about hosting an event we want to know when was this contract entered into when did the parties agree to these terms contract m
