Final answer:
The element of a contract where a party promises future action is called a contractual obligation, exemplified by warranties or service contracts provided by sellers for goods like cars and appliances.
Step-by-step explanation:
The element of a contract where one of the parties promised to do (or refrain from doing) some specific action in the future is known as a contractual obligation. This obligation can take various forms, such as a warranty or a service contract. In a warranty, the seller promises to fix or replace the good for at least a certain time period. Alternatively, a service contract involves an agreement where the buyer pays an additional amount and the seller agrees to fix any issues that arise within a set time period. These sorts of agreements are commonly associated with large purchases, such as cars, appliances, and houses.