Final answer:
All the options listed (competent parties, consideration, mutual agreement, and legal objective) are key elements of a contract, so the correct answer is that all of the above are indeed key elements.
Step-by-step explanation:
The question asks which of the following is not a key element of a contract. All the options listed (competent parties, consideration, mutual agreement, and legal objective) are key elements of a contract, so the correct answer is that all of the above are indeed key elements.
The key elements of a contract include a. competent parties, b. consideration, c. mutual agreement, and d. legal objective. Therefore, the answer is e. All of the above are key elements of a contract. Each element plays a vital role in forming a legally binding contract.
Competent parties refer to those who have the legal capacity to enter into a contract. Consideration refers to something of value that is exchanged between the parties. Mutual agreement indicates that the parties have a shared understanding of the contract's terms. Finally, legal objective ensures that the contract's purpose is lawful.