By general nonsense the forgetful functor from groups to monoids has a left adjoint. It maps a monoid $(X,\cdot,1)$ to the free group on $\{\underline{x} : x \in X\}$ modulo the relations $\underline{1}=1$, $\underline{x \cdot y}=\underline{x} \cdot \underline{y}$. Notice that the elements of this group have the form $\underline{x_1} \cdot \underline{x_2}^{-1} \cdot \underline{x_3} \cdot \underline{x_4}^{-1} \cdot \dotsc$.
Question 1: Does this group have a name? It is analogous to the Grothendieck group, which is the left adjoint of the forgetful functor from abelian groups to commutative monoids, so perhaps we may call it the non-abelian Grothendieck group?
Question 2: Is there any criterion when an element of this group vanishes?