Which of the following is not an element of a valid contract?

Which of the following is not an element of a valid contract?

(A) Consideration

(B) Competent parties

(C) Unilateral agreement

(D) Mutual consent

Answer: (C) Unilateral agreement

A valid contract should have these fundamental elements—consideration, competent parties and consent-of- the-parties. But, just one side of an agreement is not a part of a legitimate contract.

Consideration is the translation of this into something of value from one party to the other (e.g., money, goods, services, or a vow to do or not do something). Qualified parties mean that the people who are involved must have sufficient legal capability to enter into a deal. Consent on both sides, which is also called meet of minds, shows that both parties have same understanding and terms of the agreement.

In the other way round unilateral agreement is an agreement made by only one party and without any corresponding obligation or consideration demanded from the other party. It is deficient in two key elements, namely the mutual choice, and lack the legal binding authority of a contract.