Final answer:
An agreement that lacks consideration is not enforceable, but it can still be voluntarily performed. Consideration is a necessary element for a legally binding agreement.
Step-by-step explanation:
In the context of contract law, an agreement that lacks consideration is not enforceable, but it can still be voluntarily performed. Consideration refers to something of value that is promised or exchanged between the parties involved in a contract. It is a necessary element to create a legally binding agreement. Without consideration, the contract is considered void or unenforceable.
For example, let's say two friends make a verbal agreement that one will paint the other's house in exchange for nothing in return. Since there is no consideration from the friend who is supposed to receive the paint job, the agreement lacks consideration and is not legally enforceable.
In some cases, even if an agreement lacks consideration, the parties may still choose to perform their obligations voluntarily. This means that they can still carry out their promises, even if they are not legally obligated to do so. However, if one party fails to fulfill their voluntary promise, the other party does not have legal recourse.