Question: 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.

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 Required c. Formal approval by both parties in a contract Answer 4 Required d. Identiable rights and obligations Answer 5 Not required e. 99% probability of collection

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