What is the primary function of mutual assent in a contract?

Mutual assent is a fundamental concept in contract law, serving as the basis for the formation of a contract. It refers to the mutual agreement between parties regarding the terms and conditions of the contract, often demonstrated through the process of offer and acceptance. When both parties express their willingness to enter into a contract, they create a binding agreement that confirms their intended obligations.

This agreement signifies that both parties understand and agree to the specific terms laid out in the contract, establishing a clear understanding of their rights and responsibilities. Without mutual assent, there is no enforceable contract, as one party's unawareness or disagreement about the terms would negate the foundation necessary for legal enforceability.

While the other options address important elements related to contracts—such as the Statute of Frauds, consideration, and legal capacity—none of them encapsulate the core function of mutual assent. This key element is essential in ensuring that both parties are legitimately on the same page regarding their contractual relationship.