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

In a legally binding contract, certain essential elements must be present for the agreement to be enforceable. Mutual assent, competent parties, and valid consideration are all crucial components.

Mutual assent refers to the agreement between the parties, typically evidenced by an offer and acceptance. Both parties must clearly understand and agree to the terms of the contract.

Competent parties mean that those entering into the contract must have the legal capacity to do so. This includes being of a certain age, usually 18 years or older, and having the mental capacity to understand the agreement's terms.

Valid consideration is something of value that is exchanged between the parties involved in the contract. This could be money, services, or goods, and is essential for a contract to be enforceable in a court of law.

However, unlimited duration is not a requirement for a legally binding contract. Contracts can have fixed terms, specified durations, or even be ongoing until terminated by one of the parties. Therefore, while a contract can specify a duration, it is not a fundamental characteristic necessary for the creation of a legally binding contract. This is why the correct choice is the one indicating that unlimited duration is not a requirement.