Com to register for classes! Chapter 10 Part 2 Sales Contract Practices, Handling Offers, Options, Installment Contracts.Unit 8.2--Contract Formation, Offer and Acceptance. The document discusses the elements required for a valid contract, including offer, acceptance, consideration, competent parties, and legal purpose. What must a contract contain? A. Offer, Acceptance, Consideration, Proper form (oral or written), Legal subject matter, 2 Competent parties. A contract is whatever the two parties agree to it. There is no such thing as standard contract in the sense that you have to use this. If you get multiple offers you always have to make the seller aware of all of them even if you don't yet have them in hand.