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A basic element of a contract generally includes an offer, acceptance, and consideration. These three components are essential for a contract to be legally binding.

An offer is a clear proposal made by one party to another, indicating a willingness to enter into a contract on certain terms. Acceptance occurs when the other party agrees to those terms, demonstrating mutual consent. Consideration refers to something of value that is exchanged between the parties, which is necessary to support the agreement and make it enforceable.

An arbitration clause, while often included in contracts to establish how disputes will be resolved, is not considered one of the foundational elements of a contract. It is more of a specific provision addressing a potential future issue, rather than a required component for the contract's validity. Thus, it does not constitute a basic element like offer, acceptance, or consideration does.