Option (1) is incorrect: Under Section 2(g) of the Indian Contract Act, 1872, an agreement not enforceable by law is void from the beginning and can never become voidable.
Option (2) is correct: Under Section 2(g) of the Indian Contract Act, 1872, an agreement not enforceable by law is said to be void.
Option (3) is incorrect: An agreement not enforceable by law is not illegal.
Option (4) is incorrect: Under Section 2(g) of the Indian Contract Act, 1872, an agreement when enforceable by law becomes contract.