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.
Contract Conditions. Contracts are common in the business world. A contract is a type of legally binding written or spoken agreement. A valid contract will create a mutual obligation. This means that each of the parties is obligated, or required, to perform a duty under the contract.The contract conditions determine the parties' obligations. A condition is an act or event that affects a party's contractual duty. contract is a type of legally binding written or spoken agreement. A valid contract will create a mutual obligation. This means that each of the parties is obligated, or required, to perform a duty under the contract. The contract conditions determine the parties' obligations.