Question: For each item a through e , indicate whether the item is ( 1 ) required for a valid contract, or ( 2 ) not

For each item a through e, indicate whether the item is (1) required for a valid contract, or (2) not required for a valid contract.
Answer 1
Required
a. Sufficient information to calculate transaction price
Answer 2
Not required
b. Contract length exceeding one year
Answer 3
Not required
c. Formal approval by both parties in a contract
Answer 4
Required
d. Identiable rights and obligations
Answer 5
Required
e.99% probability of collection

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