What does it imply if a contract is described as "void"?

Describing a contract as "void" implies that it is legally unenforceable from the moment it is created. This means that it holds no legal effect and cannot be enforced in a court of law by either party. A void contract lacks legal validity due to reasons like illegality or incapacity of one of the parties involved, meaning that even if the parties intended to create a contract, the law does not recognize it.

The concept of a void contract is fundamental because it highlights that certain agreements cannot be transformed into enforceable agreements regardless of the circumstances surrounding them. This clear distinction is crucial in business and legal practices to understand which contracts can be upheld or challenged in legal situations.