Direct answer
What does executed contract mean?
An executed contract is 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?
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
AssignmentAn assignment is a transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.ConsiderationConsideration is something of legal value exchanged as part of a contract.ContingencyA contingency is a contract condition that must be satisfied or waived for a stated obligation to become final or continue.CounterofferA counteroffer is a response that rejects an offer and proposes different terms.Executory contractAn executory contract is a contract under which one or more material obligations remain to be performed.LeaseholdA leasehold is a 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.
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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.