Which of the following are NOT considered a component of a legal contract?

The correct answer is that "Terms of Service" are not considered a core component of a legal contract. In the realm of contract law, a legal contract traditionally comprises four essential elements: competent parties, legal purpose, consideration, and mutual agreement (also known as offer and acceptance).

Competent parties refer to individuals or entities that possess the legal capacity to enter into a contract, which typically includes being of legal age and sound mind. Legal purpose signifies that the contract's purpose must be lawful and not against public policy. Consideration involves the exchange of something of value between the parties, which is essential for the contract to be enforceable.

While "Terms of Service" can be part of certain agreements, especially in the context of service-based contracts or online agreements, they do not constitute a fundamental aspect of a legal contract as defined by the core elements listed above. "Terms of Service" often refer to specific conditions and guidelines that govern the use of services but are not essential elements required for the existence of a legal contract. Therefore, this distinction clarifies why "Terms of Service" does not fit with the fundamental components of a legal contract.