Final answer:
A consequence is not a necessary element for a valid and enforceable contract. The necessary elements include contractual capacity, a lawful and possible objective, mutual agreement, and consideration.
Step-by-step explanation:
The necessary elements for a valid and enforceable contract typically include contractual capacity, a lawful and possible objective, mutual agreement, and consideration. A consequence, while related to the outcomes of a contract breach, is not itself a necessary element required to form a contract. Instead, the elements that are central to contract formation are the ability to understand and enter into a contract (contractual capacity), an objective or purpose of the contract that is both legal and possible to accomplish (lawful and possible objective), and a clear agreement between the parties often referred to as a (mutual agreement). Additionally, there must usually be consideration, which refers to something of value being exchanged between the parties.