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

In the context of contract law, the essential elements of a valid contract typically include offer and acceptance, legal purpose, and competent parties. While verbal agreements can be recognized in many situations, they do not always constitute an essential aspect of a contract. A contract can be formed through written or implied terms, and the clarity or specificity of the agreement is often what ultimately matters.

The presence of offer and acceptance is crucial, as it signifies that one party has proposed terms, and the other has agreed to them. Legal purpose ensures that the contract's goals align with the law, making it enforceable. Competent parties refer to the individuals or entities involved in the contract who have the legal capacity to enter into it, such as age and mental stability.

In contrast, while verbally agreed terms can form a contract, they are less reliable than written agreements and may lead to disputes regarding interpretation and enforcement. Therefore, they are not recognized as an essential element in the same foundational way as the other components. This distinction clarifies why verbally agreed terms do not meet the criteria for being considered essential in the establishment of a contract.