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

In the context of contract formation, for a contract to be deemed valid, it must generally include several fundamental elements: competence of the parties, a lawful purpose, mutual agreement, and consideration.

The requirement of written documentation is not a necessary element for the validity of all contracts. While certain contracts must be in writing to be enforceable under the Statute of Frauds, many oral contracts are valid and enforceable as well, provided they meet the essential components of a contract.

In contrast, party competence ensures that all parties involved are legally able to enter into a contract, a legal act refers to the contract being for a lawful purpose, and mutual agreement signifies that all parties have a shared understanding of the terms and conditions. These elements are critical to the contract's validity, whereas the requirement for written documentation applies only under specific circumstances. Thus, it is accurate to identify written documentation as not being an essential element in every case of contract formation.