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

A legal contract requires several essential elements to be valid and enforceable. These elements include agreement, consideration, and competent parties. Agreement refers to the mutual assent between the parties involved, often demonstrated through an offer and acceptance. Consideration is what each party brings to the table, such as money, services, or goods, which is necessary for the contract to be binding. Competent parties ensures that those entering into the contract have the legal capacity to do so, meaning they are of legal age and sound mind.

The element mentioned in the answer, financial profitability, is not a requirement for a valid contract. A contract can exist even if it does not result in financial gain for one or both parties. The profitability of a contract or its economic benefits is not a criterion for its legality or enforceability. Thus, the correct choice highlights that while agreements and considerations are vital, the potential for financial profitability is not one of the essential legal components of a contract.