Executed

Definition

Executed refers to an action or act that has been fully accomplished or performed. When a task, contract, or legal obligation is executed, it signifies that all required elements and steps have been completed, leaving nothing unfulfilled. In legal terms, an executed contract is one where all parties have met their obligations.

Examples

Executed Contract: A lease agreement expires, and both the tenant and landlord have fulfilled all their responsibilities (rent payment and property maintenance, respectively). The contract is considered executed once the lease term is completed.
Executed Will: A will that has been properly signed, witnessed, and fulfilled upon the death of the individual, ensuring all stipulated asset distributions are made.
Executed Sale: The sale of an asset, such as real estate or a car, where all legal titles, funds transfer, and ownership changes have been finalized.

Frequently Asked Questions (FAQs)

Q1: What is the difference between executed and executory contracts?

A1: An executed contract is one where all parties have fulfilled their obligations. An executory contract, on the other hand, is still in the process of being performed, with some obligations yet to be completed.

Q2: Can a contract be partially executed?

A2: No, a contract is either executed or executory. If some obligations are still pending, the contract remains executory until all terms are fulfilled.

Q3: What are the legal implications of an executed contract?

A3: Once a contract is executed, it typically cannot be altered or terminated unless both parties consent. It signifies the completion of the agreed terms.

Q4: Is an executed document the same as a notarized document?

A4: Not necessarily. An executed document has all the necessary signatures and terms fulfilled, while a notarized document has been certified by a notary public to verify its authenticity and proper execution.

Executory: Refers to a contract or agreement where some terms or conditions have yet to be fulfilled.

Contract: A legally binding agreement between parties that outlines mutual obligations.

Performance: The completion of the tasks or duties specified in a contract.

Fulfilled: The state of completing all obligations.

Online References

Suggested Books for Further Studies

The Law of Contracts by John D. Calamari and Joseph M. Perillo
Business Law: Text and Cases by Kenneth W. Clarkson, Roger LeRoy Miller, and Frank B. Cross
Contract Law For Dummies by Scott J. Burnham

Fundamentals of Executed: Business Law Basics Quiz

### What does it mean when a contract is executed? - [ ] Some conditions are still pending. - [x] All obligations have been fulfilled. - [ ] The document is notarized. - [ ] The contract is canceled. > **Explanation:** An executed contract means all obligations and terms have been fulfilled by all parties involved. ### What signifies an executed contract in real estate? - [ ] The real estate agent provides an estimate. - [ ] A buyer’s offer is accepted. - [x] All terms of the sale and transfer of ownership are completed. - [ ] The mortgage approval process is in progress. > **Explanation:** An executed real estate contract means all sale terms are met, funds transferred, and ownership officially changed. ### Which term is associated with tasks yet to be performed in a contract? - [x] Executory - [ ] Fulfilled - [ ] Completed - [ ] Enforced > **Explanation:** Executory refers to contracts with terms or conditions still in the process of being completed. ### In a legal context, what does execution of a document typically involve? - [ ] Mailing it to all parties involved. - [ ] Translating it to another language. - [x] Signing and fulfilling all requirements. - [ ] Filing it with the court. > **Explanation:** Execution involves the proper signing and agreement fulfillment by all relevant parties. ### What is a key difference between an executed and a notarized document? - [x] A notarized document is certified by a notary public. - [ ] Executed documents do not require signatures. - [ ] A notarized document is always executed. - [ ] Executed documents are only for business agreements. > **Explanation:** Executed documents involve fulfillment of terms, while notarized documents are certified for authenticity and proper execution. ### What might be a legal consequence of an executed contract? - [x] It can't be unilaterally altered. - [ ] Parties can renegotiate terms anytime. - [ ] The contract has no legal standing. - [ ] The contract is automatically renewed. > **Explanation:** An executed contract typically cannot be changed unless all parties involved consent to new terms. ### What indicates a sale in retail has been executed? - [x] The customer pays and receives the product. - [ ] The store offers a discount. - [ ] Payment has been initiated but not completed. - [ ] A receipt is printed but not given. > **Explanation:** The sale is executed when the payment transaction is completed, and the product is handed over to the customer. ### When can a will be considered executed? - [ ] Before being signed by the testator. - [x] After all stipulations are fulfilled following the individual's death. - [ ] While the testator is still living. - [ ] Once a draft is completed. > **Explanation:** A will is executed upon the death of the testator and full compliance with all distribution instructions. ### Under what circumstance might an executory contract still be legally binding? - [x] If not all terms have been completed but are in process. - [ ] If all parties abstain from obligations. - [ ] Only if signed within the last 10 days. - [ ] If notarized before obligations started. > **Explanation:** An executory contract is still binding if the terms are in process of being completed. ### In simple terms, “Executed” could also be referred to as: - [x] Completed. - [ ] Pending. - [ ] Verified. - [ ] Initiated. > **Explanation:** Executed is synonymous with completed when all conditions or obligations are met.

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