February 5, 2010. To live within your means, you must know your net financial expenses. These are the monthly total of your fixed, variable and discretionary expenses. To calculate your net financial expenses, you need your total fixed monthly expenses and your average monthly variable expenses.
In sum, there are essentially six elements to a contract. For a contract to be considered valid, there must be an offer, acceptance by another party, an exchange of something of value or consideration, mutually agreed upon terms, both parties must be free of mental illness and the terms must not break any laws.
Letâs take a look at the different possibilities, and what you need to know to understand the all-important âwhenâ of an agreement. If a contract does not specify its effective date, it goes into effect on the date it was signed by the person to whom the contract was offered for a signature. If this personâs signature is not dated, then the contract is effective the moment the agreement left his hands.