Which of the following is NOT a requirement for a legally binding contract?

• A. Legal purpose
• B. Written format
• C. Consideration
• D. Mutual consent

Answer: (B)

A legally binding contract must meet several key criteria, and the absence of one can render the contract unenforceable. Among these requirements, legal purpose, consideration, and mutual consent are critical components.

Legal purpose ensures that the contract's objectives comply with the law. If a contract involves illegal activities, it cannot be enforced. Consideration refers to the exchange of something of value between parties, which is essential for a contract to be valid; both parties must provide something of value as part of the agreement. Mutual consent means that all parties involved must agree to the terms of the contract willingly and without coercion or fraud.

While having a written format can be important for certain types of contracts to ensure clarity and provide proof (such as real estate sales or contracts that cannot be performed within a year), it is not universally required for all contracts to be legally binding. Oral contracts can be legally enforceable in many situations, provided they meet the other essential criteria for a contract. Therefore, stating that a written format is a requirement is incorrect in this context, making it the right choice for the answer.