Definition: In the executed-versus-executory classification used in real estate study, an executed contract is one in which all parties have completed their required performance.
Example
The buyer pays, the seller conveys the property, and all remaining obligations under the example contract are fulfilled.
Keep the distinction clear
Execute can also mean sign a document. A signed purchase agreement awaiting closing is still executory in the performance classification. Read which meaning the question is testing.
Related terms
Executory Contract · Sale Contract · Contract
Keep studying
Valid, Void, Voidable, and Unenforceable Contracts
References: Cornell LII: executory · Cornell LII: execute
Pronunciation (US): EK-sih-kyoo-tid KON-trakt (capitals show stress)
Pronunciation reference: Merriam-Webster
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