What are the necessary elements of all contracts?

The correct choice encompasses the essential elements that must be present for a contract to be legally binding and enforceable. These elements include:

• Agreement: There must be a mutual consent between the parties involved, typically reflected in an offer and acceptance.

• Consideration: This refers to something of value that is exchanged between the parties. It is what each party agrees to give or do for the other party.

• Legality: The subject matter of the contract must be lawful. A contract that involves illegal activities is not enforceable.

• Capacity: The parties entering into the contract must have the legal ability to do so, meaning they must be of sound mind, of legal age, and not disqualified by any law.

• Genuine intention: The parties must intend to create a legal relationship and not simply engage in social or casual agreements without legal implications.

In contrast, other options miss one or more critical elements necessary for a valid contract. Some suggest insufficient components, such as transparency or notarization, which are not universally required for all contracts. Notarization, while beneficial in certain circumstances, is not an essential requirement for the validity of a contract, and simply binding elements without considering the broader context