Which element ensures that both parties agree to the essential terms of the agreement?

The element that ensures that both parties agree to the essential terms of the agreement is offer and acceptance. This concept is fundamental in contract law because it establishes the framework through which parties communicate their intent to enter into a legally binding agreement.

An offer is a clear proposal made by one party to another, laying out specific terms, and acceptance is the unequivocal agreement to those terms by the other party. This mutual consent is essential; without it, there can be no contract. The terms of the offer must be agreed upon for a contract to be valid, which is why this pairing of offer and acceptance is crucial in demonstrating that both parties are on the same page regarding the agreement's essential elements.

Other elements like capacity of the parties, lawful object, and genuine intention pertain to the validity and enforceability of a contract but do not specifically address the agreement on terms. Capacity refers to the ability of the parties to enter into a contract, lawful object ensures that the subject matter of the contract is legal, and genuine intention speaks to the sincere intention of the parties to form a contract. However, none of these elements directly focus on the mutual agreement on terms like offer and acceptance does.