1. The final contract must be in writing.
2. The Buyer and Seller must sign the final contract, including the initialing of any handwritten changes to the initially drafted offer, if applicable.
3. Acceptance must be unequivocal, in other words, clear, having only one possible meaning, and with no shred of doubt.
4. The last party to accept must communicate acceptance back to the other party or the other party's agent.
The effective date is the date when the fourth element is made after the other three elements are satisfied. All contract performance requirements or periods of performance then begin to run.