Which term describes a contract that has no legal effect?

The term that describes a contract that has no legal effect is "void." A void contract is one that is not legally enforceable from the moment it is created. This may occur due to various reasons, such as the subject matter being illegal, the parties involved lacking the capacity to contract, or the failure to meet essential elements required for a valid contract.

In legal terms, a void contract is distinguished from a valid contract, which is one that fulfills all legal requirements and can be enforced in a court of law. A voidable contract, on the other hand, is a valid agreement that one party may choose to affirm or void, typically due to issues such as misrepresentation or undue influence. Finally, the term "probate" refers to the legal process of administering the estate of a deceased person and does not pertain to the classification of contracts. Thus, the correct choice accurately reflects the concept of a contract that is not legally binding.