Florida Insurance Licensing Practice Exam 2026 - Free Insurance Licensing Practice Questions and Study Guide

The missing element of a valid contract in this scenario is Legal Purpose. While Jack and Connie have agreed on the terms of the contract, their agreement to commit a crime (arson) is illegal and therefore cannot be considered a valid contract. Offer and acceptance, consideration, and competent parties are all present, but the contract is still invalid due to the lack of a legal purpose.