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.
But a contract -- to be valid -- need only provide enough information to outline the agreement and contain the signatures of both parties. There's no legal requirement that a contract contain a date, but if a contract is time sensitive and contains no date, it will be unenforceable.