Offer and Acceptance. In the state of Arizona, no contract for real estate exists until the contract is offered and accepted in writing (A.According to Arizona law, three elements must be present in order for courts to view a contract as legally binding and enforceable. Not all contracts in which there is an offer and acceptance and consideration are valid contracts. 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. For a contract to exist, there must be an offer, an acceptance of the offer, and consideration. How to properly fill out the Arizona Association of Realtors Resale Purchase Contract using Dotloop. First, there is the matter of locating the right property. There are really only three elements to a binding contract. A contract consists of an offer, an acceptance, and "consideration" on the part of each party.