Which of the following elements is NOT required for a valid enforceable contract?

In the context of contract law, a valid and enforceable contract typically requires several essential elements. The correct choice, which indicates that a verbal agreement is not a required element for a contract to be enforceable, highlights an important aspect of contract formation.

A competent party refers to individuals who are legally able to enter into a contract, usually meaning they are of legal age and mentally capable. Mutual agreement signifies that both parties have a clear understanding and acceptance of the terms, often established through an offer and acceptance. Supported by consideration means that something of value is exchanged between the parties, which is a cornerstone of contract validity.

While verbal agreements can indeed create enforceable contracts in many situations (especially in less formal contexts), the law recognizes that written contracts are typically more reliable and easier to enforce. Moreover, certain contracts must be in writing to be enforceable due to statutes like the Statute of Frauds, which lists categories of contracts that are required to be written. This distinction illustrates why a verbal agreement is not universally required for enforceability, making it the correct answer to the question regarding what is not a necessary element for a valid contract.