Step 1: Recall the postulates:
An ideal gas has point-sized molecules, no attractions and perfectly elastic collisions.
Step 2: Test the options:
(A) Ideal gas follows Boyle's and Charles' laws at all conditions, so no deviation. (B) Ideal collisions are elastic. (D) Attraction and kinetic energy loss are both ruled out by the postulates.
Step 3: Real world:
Every real gas shows some deviation, especially at high pressure and low temperature, so no actual gas is ideal. The ideal gas exists only as a model, which is option (C).
Final Answer:
An ideal gas is a hypothetical concept.
\[ \boxed{\text{(C) }\text{It does not exist}} \]