Final answer:
A valid contract requires an offer, acceptance, consideration, and the intent to create a legal relationship. Imperfect information can cause difficulties when agreeing on a price in property sales. Contracts typically must be written and signed by all parties to be legally enforceable.
Step-by-step explanation:
The question pertains to the requirements for a valid contract, specifically within the context of property sales. For a contract to be considered valid, it must meet four essential criteria: there must be (1) an offer, (2) an acceptance of that offer, (3) consideration (something of value exchanged between the parties), and (4) the intent to create a legal relationship.
Additionally, the question makes a reference to requiring a sales price or a means to determine the price, which must be agreed upon by both parties. This is crucial because if information is imperfect, it can lead to difficulties in agreeing on a price. Imperfect information means that one or both parties do not have all the facts necessary to make an informed decision, which could result in an unfair transaction or a deadlock in negotiations.
For contracts within the context of property and business dealings, the law usually requires such contracts to be in writing and to be signed by all relevant parties (the seller in property sales). This written agreement ensures legality and clarity of terms.