Which of the following elements is NOT part of a contract under common law?

In contract law, the essential elements that make a contract valid include offer and acceptance, capacity to contract, and genuine intent. Each of these components plays a crucial role in establishing a legally binding agreement.

While the first three elements are foundational, financial stability is not a required component for a contract to be enforceable under common law. Financial stability pertains more to the ability of the parties to fulfill their obligations under the contract rather than an intrinsic requirement of the contract itself. Therefore, while financial stability may be relevant in assessing the likelihood of performance and potential risks of default, it does not prevent the formation or enforceability of a contract if the other essential elements are present.

This distinction helps in understanding why financial stability is not considered an essential element in the formation of a valid contract under common law.