Offer and Acceptance. In the state of Arizona, no contract for real estate exists until the contract is offered and accepted in writing (A.A document that includes an offer, acceptance, and appropriate consideration will be considered legally binding. It is invalid from the start. According to Arizona law, three elements must be present in order for courts to view a contract as legally binding and enforceable. A contract is legally binding in Arizona if it involves an offer, acceptance of the offer, and "consideration" — which means value can be money or labor. This manual contains valuable information to help ASU staff negotiate, prepare and maintain legal and effective contracts. Arizona REALTORS® added a box to the contract to prompt the seller to acknowledge that an offer was submitted and rejected on the date specified.