Which of the following correctly identifies the impact of a lack of consideration in a contract?

The correct identification of the impact of a lack of consideration in a contract is that the contract may be void. Consideration is a fundamental component of a legally binding contract; it refers to something of value that is exchanged between the parties involved. Without consideration, a contract does not meet the necessary legal criteria to be enforceable and can thus be deemed void.

In legal contexts, a void contract is one that cannot be enforced by either party because it lacks one or more essential elements required for a valid contract, such as consideration. This underlines the importance of each party receiving something in return for their promise, ensuring mutual benefit.

Options that suggest the contract is enforceable with modifications, ratified later, or remains valid for legal purposes do not correctly capture the implications of a lack of consideration. Such scenarios assume that the contract still holds some enforceability, but in the absence of consideration, the agreement cannot stand as a valid contract at all.