What are the essential parts of a written contract?

A comprehensive understanding of the essential parts of a written contract is fundamental to contract law, particularly in the context of timeshare agreements. The correct answer highlights the key components that are necessary for a legally binding contract to be valid.

Competent parties refer to the individuals or entities entering into the contract, who must have the legal capacity to do so. This means they are of legal age, sound mind, and not under duress or undue influence. Mutual consent indicates that all parties agree to the terms of the contract, signified through a clear offer and acceptance. Consideration is the value exchanged between the parties, which can be money, services, or promises. Finally, legal obligation underscores that the contract must pertain to lawful activities; otherwise, it cannot be enforced in court.

The emphasis on all these elements combined makes this option the most comprehensive. Other answer choices may include some valid elements but miss critical components or lack the necessary detail to form a complete contract, emphasizing why this particular set accurately captures what is critical for a valid contract.