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.
2) all parties of the contract are competent 3) the promise or obligation of each party must be supported by consideration given by each party to the contract. 4) It must be for lawful purposes 5)in some cases, it must meet formal requirements (such as under seal or being written)