Question

Once all the terms of the contract have been fully performed, the contract has been _________. As long as some of the terms have not yet been performed, the contract is ________.

Answer 1

Once all the terms of the contract have been fully performed, the contract has been executed. As long as some of the terms have not yet been performed, the contract is executory.

Explanation:

A contract is a legitimately enforceable bond among two or more individuals. It may be pronounced or recorded. A contract is a set of agreements. An executed contract is a lawful document that has been acknowledged off by the personalities required for it to enhance effectiveness.

While any kind of contract must be “executed” by the individuals by affixing their signs to it.  An executory contract is a covenant delivered by two individuals in which the terms are estimated to be accomplished at a later date.