What is the term for a contract that has no legal effect due to lacking essential elements?

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The term for a contract that has no legal effect because it lacks essential elements is "void." A void contract is considered null from the outset, meaning it cannot be enforced by either party. Essential elements typically include offer, acceptance, consideration, legal purpose, and competent parties. When any of these elements are missing, the contract fails to meet the legal standards required for enforceability.

In contrast, voidable contracts are valid and enforceable until one party chooses to void it due to certain circumstances, such as misrepresentation or undue influence. An enforceable contract meets all legal requirements and can be upheld in a court of law, while an executory contract refers to an agreement where one or more obligations have yet to be performed. Understanding these distinctions is key in identifying the nature and enforceability of contracts.

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