Which term describes a contract that lacks one or more required elements and has no legal effect?

The term that describes a contract lacking one or more required elements, thereby having no legal effect, is a void contract. A void contract is considered null from the outset, meaning it has no validity and cannot be enforced by either party. This can happen due to reasons such as the absence of consent, consideration, lawful purpose, or the authority of the parties involved.

In contrast, a voidable contract is valid and can be enforced until one party chooses to void it based on certain circumstances, such as a minor entering into a contract or instances of misrepresentation. An unenforceable contract, on the other hand, is valid but cannot be enforced in a court of law due to specific legal defenses or issues, such as a statute of limitations or failure to meet certain legal formalities. An implied contract derives its existence from the actions or conduct of the parties involved rather than written or spoken words but does not fit the criteria of lacking required elements outright. Therefore, a void contract is the only option that accurately describes a contract with no legal effect from the beginning.