Which element is required on a contract for it to be valid?

For a contract to be valid, consideration is an essential element. Consideration refers to something of value that is exchanged between parties in a contract. This could be in the form of money, services, or a promise to do something. It establishes that each party is providing something in exchange, making the agreement mutually beneficial and binding.

While acceptance is also an important component, as it signifies that all parties agree to the terms of the contract, without consideration, there is no enforceable agreement. Similarly, assignment relates to the transfer of rights or obligations under a contract and disclosure pertains to revealing relevant information, often in the context of insurance contracts, but these elements alone do not establish a contract’s validity.

Thus, among the options provided, consideration is the fundamental requirement that underpins the formation of a valid and enforceable contract.