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Mutual assent is a fundamental principle in contract law that indicates the agreement between parties regarding the terms of a contract. It signifies that both parties have reached a common understanding and acceptance of the essential terms and conditions, which typically involves an offer by one party and acceptance by the other. This agreement forms the basis of a legally enforceable contract.

In the context of the other options, a disagreement on the terms of a contract would clearly demonstrate a lack of mutual assent, as both parties must align on the contract terms for a valid agreement to exist. An offer made without acceptance does not establish mutual assent, as acceptance is a critical component in forming a contract. Lastly, a lack of consideration pertains to the requirement that each party must provide something of value for the contract to be enforceable, but it does not define mutual assent itself. Mutual assent encompasses the mutual agreement and concurrence on the contract's terms, making it a vital element of the contract formation process.