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A void contract is best characterized as unenforceable by either party. This means that the contract lacks legal effect from the moment it was created, and thus, no legal obligation is established for any party involved. Void contracts are null and cannot be enforced by either party, meaning that they have no legal standing in a court of law.

For example, contracts based on illegal activities or those that involve parties who are not legally capable of contracting (such as minors) are typically void. This ensures that neither party can seek to enforce the terms of such a contract, reflecting the principle that the law does not recognize agreements that are fundamentally flawed.

The other options suggest scenarios that do not align with the nature of a void contract: suggesting that one party can enforce it implies an existing obligation, while describing it as beneficial for both parties contradicts the idea of a contract being void, as it suggests some level of enforceability and recognition of obligations.