Which element is NOT required to form a contract?

In the formation of a contract, the essential elements include an offer, acceptance, and consideration. Performance, while an important aspect in the execution of a contract, is not a necessary element for forming one.

An offer is a proposal made by one party to another, indicating a willingness to enter into a contract. Acceptance refers to the agreement by the other party to the terms set forth in the offer. Consideration is the value exchanged between the parties, which can be money, services, or anything else of value that supports the contract.

Performance comes into play after the contract is formed; it involves fulfilling the obligations laid out in the agreement. Therefore, while performance is crucial for the completion of a contract, it does not need to be established at the outset for the contract to be created.