Final answer:
A contract with no legal force or effect is known as a void contract, which means it has no legal standing from its inception and cannot be enforced by law.
Step-by-step explanation:
A contract which has no legal force or effect is known as a void contract. This classification means that the contract was never valid from the outset, therefore it holds no power and cannot be enforced by law. In contrast, an unenforceable contract is one that cannot be enforced due to some legal technicality or absence of a crucial component, such as a statute of limitations. A voidable contract, on the other hand, is valid and enforceable at the inception but can become unenforceable later at the option of one of the parties. Finally, a valid contract is one that contains all essential elements that create a legally enforceable agreement.