Under the Financial Accounting Standards Board’s guidance on revenue recognition, which of the following is not a criteria that must be met in order for a contract to exist? 

a. The parties have approved it. 

b. The auditor has ensured that the contract’s valuation is reasonable in all material respects. 

c. The goods and/or services involved are clearly identified. 

d. The payment terms are spelled out. 

e. There is commercial value to the contract.