Com to register for classes! Chapter 10 Part 2 Sales Contract Practices, Handling Offers, Options, Installment Contracts.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. The document discusses the elements required for a valid contract, including offer, acceptance, consideration, competent parties, and legal purpose. Unit 8.2--Contract Formation, Offer and Acceptance. Travis and Brooke offer to buy a house from Michael and Tara because they love the location, the size, and the decorations.