Which contract term describes a contract that has been fully performed?

Which contract term describes a contract that has been fully performed?

• A. Executed
• B. Voidable
• C. Executory
• D. Unenforceable

Answer: (A)

When a contract has been fully performed by all parties, it is described as executed. That means every promise has been carried out—payment has been made, goods or title have been delivered, and no duties remain that must be completed under the contract. If obligations still exist to be fulfilled, the agreement would be called executory. To contrast, a voidable contract is still valid but one party has the option to cancel due to a defect (such as misrepresentation or incapacity). An unenforceable contract is one that, despite having formed, cannot be enforced in court because of legal defenses (like statute of limitations or lack of capacity).

When a contract has been fully performed by all parties, it is described as executed. That means every promise has been carried out—payment has been made, goods or title have been delivered, and no duties remain that must be completed under the contract. If obligations still exist to be fulfilled, the agreement would be called executory.

To contrast, a voidable contract is still valid but one party has the option to cancel due to a defect (such as misrepresentation or incapacity). An unenforceable contract is one that, despite having formed, cannot be enforced in court because of legal defenses (like statute of limitations or lack of capacity).