The five conditions Faustus lists are as follows.

First, he wants to be a spirit in "form and substance." Second, he demands that Mephistophilis be his servant and obey his commands. Third, he makes it clear that Mephistophilis will do for him or bring to him whatever he desires. Fourthly, he wants Mephistophilis to be near him at all times in invisible form. Fifth, the demon must appear to Faustus when summoned in whatever form Faustus pleases.

In return for this twenty-four years of service from Mephistophilis, the devil can have Faustus's soul.

Faustus is very proactive in setting out the terms of the agreement and never tries to get a better bargain from the devil. This indicates his human pride: Faustus thinks that he knows best.

However, the demon fails to do what Faustus desires. Faustus asks almost immediately for a beautiful wife and is upset when he is brought a prostitute instead, calling the woman a "hot whore." Mephistophilis can't produce Faustus a wife, because marriage is a holy sacrament under the sole authority of God. This lack of ability to do Faustus's bidding shows how limited the devil's powers are, but rather than use this as a reason to break the contract, Faustus allows himself to be talked into sexual liaisons with a series of prostitutes in place of marriage.