Executed Contracts

Executed contracts are agreements where both parties have fulfilled their obligations. In the context of express contracts—where terms are clearly stated either verbally or in writing—an executed contract means that all agreed actions have been completed. For example, if one person agreed to sell a car and the other agreed to pay a specific price, once the car is handed over and payment is made, the contract is considered executed. Essentially, it signifies that the terms of the contract have been fully carried out by everyone involved, leaving no outstanding obligations.