Which of the following is NOT considered an element of a legal contract?

In the context of legal contracts, the essential elements include an agreement between parties, a legal purpose for the contract, and the competence of the parties involved. The concept of "arbitrary terms" does not fit into the framework of a valid contract.

For a contract to be enforceable, its terms must be clear and specific, providing all parties with an understanding of their rights and obligations. Arbitrary terms, which may refer to ambiguous or ill-defined conditions, could render a contract void or unenforceable, as they fail to meet the requirement of mutual assent and clarity. In contrast, the other three elements—agreement, legal purpose, and competent parties—are fundamental to the formation of a valid contract in the legal system.