Which term describes an agreement that lacks legal enforceability?

An agreement that lacks legal enforceability is referred to as a "void agreement." This term signifies that the agreement is not legally recognized and cannot be enforced in a court of law. Various reasons can render an agreement void, such as illegality, lack of capacity of one of the parties, or the subject matter being impossible to perform. In essence, a void agreement is treated as if it never existed from the outset.

In contrast, an enforceable contract is one that meets all the essential elements of a valid agreement and can be upheld in court. A valid contract signifies that the agreement is legally acceptable and binding, meaning it has the necessary elements like consideration, mutual consent, and legality. A legally binding contract implies that the parties have obligations that can be enforced legally. Thus, these terms indicate agreements that are recognized and actionable by law, thereby differentiating them clearly from a void agreement.