What is the classification of a contract missing essential elements necessary for validity?

A contract is classified as void when it is missing essential elements necessary for its validity, meaning that it lacks the basic requirements to be considered legally enforceable. Essential elements include mutual assent (offer and acceptance), consideration, capacity to contract, and a lawful object. Without these components, the contract does not create any legal obligations for the parties involved and cannot be enforced in a court of law.

In situations where a contract is void, it is as if the contract never existed, which distinguishes it from a voidable contract, where one party has the option to affirm or reject the agreement due to certain circumstances that affect consent, such as misrepresentation or undue influence. Understanding that a void contract has no legal effect emphasizes the importance of ensuring all necessary elements are present when drafting or entering into a contract.