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

A contract is a legally binding agreement between parties and has specific essential elements that must be present to ensure its validity. Among these elements are offer and acceptance, consideration, and competent parties.

In a contractual context, an offer is made by one party, and acceptance of that offer by the other party is crucial for the contract to exist. The consideration refers to something of value that is exchanged between the parties, which is fundamental for the enforcement of a contract. Competent parties are those who have the legal capacity to enter into a contract, meaning they are of legal age and sound mind.

While the expectation of profit may be a goal for many contracts, it is not a necessary component for the contract to be valid. Contracts can exist for a variety of reasons, not solely for the purpose of earning a profit. Therefore, this makes the expectation of profit not an essential element of a contract, distinguishing it from the other necessary components.