Which of the following best defines a void contract?

A void contract is one that lacks essential elements necessary to form a valid agreement, rendering it unenforceable from the outset. Contracts require several elements to be considered valid, including mutual consent, consideration, legal purpose, and the capacity of the parties involved. When any of these elements are missing, the contract cannot hold any legal weight or obligation for the parties. For instance, if a contract is based on illegal activity or involves a party that lacks the capacity (such as a minor), it is deemed void.

The other options do not accurately describe a void contract. A contract that is legally enforceable would be considered valid, while a voidable contract can be legally binding at the discretion of one party, indicating that it is not void but rather can be enforced or invalidated. A properly executed contract implies that all necessary formalities have been followed, which would not be the case for a void contract. Thus, the definition focusing on the absence of essential elements is the most accurate for identifying a void contract.