Which type of contract is defined as one in which all terms have been completely fulfilled?

A contract is defined as executed when all parties involved have fulfilled their obligations as outlined in the agreement. This means that every term and condition has been met, and the contract's purpose has been achieved.

For instance, in a real estate transaction, an executed contract would typically involve the completion of all necessary actions, such as the buyer making payment and the seller transferring ownership of the property. Once these actions are taken, the contract is considered fully executed.

This concept contrasts with other types of contracts. A partially executed contract refers to a scenario where one or more terms remain unfulfilled, meaning that the obligations outlined in the contract are only partially completed. A unilateral contract involves a promise made by only one party, which is contingent upon the actions of the other party, while a bilateral contract represents an agreement where both parties make mutual promises to each other. Thus, the focus on complete fulfillment is key to recognizing why a fully executed contract is defined in this way.