What is NOT one of the five essential elements of a contract?

Study for the New Mexico Broker State Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

In the context of contract law, the five essential elements of a contract are: legal capacity (the parties are competent), mutual consent (the parties consented), consideration (something of value must be exchanged), a lawful object (the purpose of the contract must be legal), and definite terms.

The choice that states that "the contract is written in legal jargon" does not represent an essential element of a contract. Effective contracts can be written in clear, understandable language. The focus is on the mutual agreement and the presence of the elements mentioned above, rather than the specific language or complexity of the terms used. Legal jargon may make a contract more difficult to understand, but it is not a requirement for validity. Contracts can be enforceable regardless of whether they are simplified or contain complex legal language, as long as they encompass the essential elements of a contract. Thus, the need for legal jargon does not relate to the validity of the contractual agreement.

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