What are the seven essential elements of a contract?

The seven essential elements of a contract are crucial for ensuring that a contract is valid and enforceable. This option lists all the necessary components that must be present for a contract to be legally recognized.

The presence of an offer is vital as it outlines the terms proposed by one party. Acceptance signifies that the other party agrees to the initial terms, thereby creating mutual consent. Consideration is the value exchanged between the parties, often in the form of money, services, or goods, and is necessary for a contract to be valid.

Legal intent refers to the understanding that the parties intend to enter into a legally binding agreement. Capacity involves ensuring that both parties have the legal ability to enter into a contract, which means they are of legal age and mentally competent. A legal object means that the subject matter of the contract is lawful and not contrary to public policy. Finally, genuine consent indicates that both parties willingly agree to the terms without any form of duress, fraud, or misrepresentation.

In contrast, other options lack one or more of these essential elements. For instance, the inclusion of execution, registration, proposal, counter-proposal, and negotiation in some options does not adequately cover the core components needed for a legally enforceable contract. These aspects might