Which of the following is NOT one of the five elements of a contract?

The five essential elements of a contract typically include agreement, mutual assent, consideration, legality of object, and the legal capacity of the parties to contract. To clarify, mutual benefit is not one of those core elements; rather, it can be a byproduct of a well-formed contract but does not fulfill the requirement for validity in the same way the other elements do.

Agreement refers to the mutual understanding and acceptance of the terms of the contract by both parties, often established through an offer and acceptance. Legality of object ensures that the contract’s purpose is lawful and does not violate any statutes or public policy. Legal capacity means that both parties involved in the contract must have the ability to enter into a contractual agreement, typically requiring them to be of a certain age and sound mind.

Understanding these elements helps in comprehending why mutual benefit, while an important aspect of the outcome of a contract, does not qualify as a fundamental component required for its existence.