Which of the following ingredients is not necessary for contract?

Option (1) is incorrect: For a valid agreement, there must be a proposal from one person. When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that either to such act or abstinence, he is said to make a proposal. Option (2) is incorrect: When the person to whom the proposal is made, gives his assent, the proposal is said to be accepted. A proposal, when accepted, becomes a promise. An unaccepted proposal can never become a promise. Option (3) is incorrect: When, at the desire of the person who made the proposal, the person to whom the proposal is made or any other person promises to do or to abstain from doing something, such act or promise is called a consideration for the promise. Hence, every promise and every set of promises, forming the consideration for each other, is an agreement. Option (4) is correct: Immovable property is not required to make a valid agreement under the Indian Contract Act, 1872. Contract is not confined to immovable property.