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

A counteroffer is not an essential element of a contract; rather, it is a response to an offer that modifies the terms of that offer. In the context of contract formation, the essential elements include competent parties, legal purpose, and consideration.

Competent parties refer to individuals who have the legal capacity to enter into contracts, meaning they are of legal age and possess mental competence. Legal purpose ensures that the contract's terms are lawful and do not violate public policy. Consideration involves something of value being exchanged between the parties, which is necessary for a contract to be enforceable.

While a counteroffer plays a role in the negotiation process and may lead to a binding contract if accepted, it is not a foundational element required for a contract's existence.