Which of the following is NOT an element of a valid contract?

A valid contract typically requires several essential elements, and one of these elements is not included in the options presented. The correct answer highlights that "mutual friends" is not a necessary component for a contract to be deemed valid.

In the context of contract formation, the essential elements include:

• An offer and acceptance, which indicates that one party has proposed terms, and the other party has agreed to those terms, indicating a mutual agreement.
• Consideration, which refers to something of value that is exchanged between the parties involved in the contract. This can be money, services, or goods, and it signifies that both parties are providing something to the agreement.
• A lawful purpose, which means that the contract's objective must be legal and not against public policy.

The idea of mutual friends does not play a role in the legal validity of a contract. Relationships or acquaintances between parties do not impact the enforceability of the agreement itself; what matters are the legally required components that confirm the intent and terms of the contract. Thus, identifying "mutual friends" as not being an element of a valid contract is correct because it lacks any legal bearing or necessity in the formation of a contract.