Which of the following is NOT an element of a contract?

A valid contract is typically identified by several key elements, and verbal confirmation, while important in communication, does not constitute a formal element of a contract. The critical elements of a contract include legality of object, mutual agreement, and genuine consent.

Legality of object ensures that the subject matter of the contract is legal and not against public policy. Mutual agreement, often referred to as meeting of the minds, indicates that all parties have a clear understanding and acceptance of the terms. Genuine consent means that all parties involved must agree to the contract willingly and without coercion, misrepresentation, or undue influence.

While verbal agreements can be part of initiating a contract, they lack the necessary formalities and documentation that often accompany contracts to ensure their legality and enforceability. Thus, relying solely on verbal confirmation does not meet the criteria set by legal standards for what constitutes a contract, making it the element that is NOT essential in contract formation.