What best defines a void contract?

A void contract is best defined as a contract that is not legally binding. This means that the agreement lacks the fundamental elements required for a contract to be valid and enforceable. Such elements typically include mutual consent, a lawful object, consideration, and the capacity of the parties involved. When a contract is void, it is as if it never existed, and neither party can enforce any terms or obligations outlined within it.

In the context of the options provided, the other descriptions do not accurately capture the essence of a void contract. A contract with all legal effects would imply it is valid and enforceable, which contradicts the definition of a void contract. A contract that can be enforced in the future suggests a possibility for validation or amendment, while a void contract is inherently without legal standing. Similarly, a contract with minor flaws might still be enforceable, as often such flaws could be rectified, aligning more with the concept of voidable contracts rather than void contracts. Thus, the defining characteristic of a void contract is its lack of legal binding status.