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Simple English definitions for legal terms
executed contract
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A quick definition of executed contract:
An executed contract is an agreement between two or more parties that is legally binding and enforceable. It can be in the form of a written document or a verbal agreement. Once all parties have fulfilled their obligations, the contract is considered executed. This means that the terms of the contract have been completed and the parties are no longer obligated to each other. It is important to understand that a contract is not just a piece of paper, but rather a set of promises that the law recognizes as a duty.
A more thorough explanation:
An executed contract is a legally binding agreement between two or more parties that has been fully performed. This means that all parties have fulfilled their obligations under the contract and the terms of the agreement have been carried out.
For example, if you hire a contractor to build a house and they complete the construction according to the agreed-upon plans and specifications, then the contract is considered executed. Both parties have fulfilled their obligations and the contract is no longer active.
Another example would be if you purchase a car from a dealership and pay the full purchase price. Once the dealership transfers ownership of the car to you and you take possession of it, the contract is considered executed.
Overall, an executed contract is a completed agreement where all parties have fulfilled their obligations and the terms of the contract have been carried out.