Direct answer
What does Executed contract mean?
A contract in which the parties have completed the promised performance.
Exam cue: Focus on completed performance by all parties, not merely whether the document has been signed.
What does it look like in a question?
New York example
The deed has been delivered, the purchase price paid and the closing completed.
Common exam trap
What should you not confuse it with?
A signed contract can still be executory while important duties remain.
Related contracts and leases terms
AssignmentA transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.ConsiderationSomething of legal value exchanged as part of a contract.ContingencyA contract condition that must be satisfied or waived for a stated obligation to become final or continue.CounterofferA response that rejects an offer and proposes different terms.Executory contractA contract under which one or more material obligations remain to be performed.LeaseholdA tenant's right to possess real property for the term and under the conditions of a lease.
Sources used1 reference with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.
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Put the term back into its full subject.
A definition helps with recall. The subject guide shows how the rule interacts with documents, scenarios, calculations and practice questions.