Which of the following are essential elements of a contract?

The essential elements of a contract are fundamental components that establish a legally binding agreement between the parties involved. One of the key elements is the agreement of competent parties, which ensures that all parties entering into the contract are of legal age and possess the mental capacity to understand the terms and obligations of the contract. This is crucial because a contract signed by a minor or an individual deemed mentally unfit may not be enforceable.

Additionally, the requirement of a lawful objective ensures that the purpose of the contract complies with the law and public policy. Contracts that involve illegal activities, for example, are void and unenforceable. Therefore, for a contract to be valid, it must involve parties who are competent and the agreement must pertain to a legal matter.

While other options may touch on aspects of contracts, such as written agreements or verbal communications, these do not encapsulate the fundamental requirements necessary for a contract to be valid. The presence of competent parties and a lawful objective serves as a foundation for establishing the overall legality and enforceability of a contract.