Which term describes a contract in which all parties have met all terms and conditions?

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Multiple Choice

Which term describes a contract in which all parties have met all terms and conditions?

Explanation:
When all promises in a contract have been fulfilled by every party, the agreement is executed. That means the duties have been completed and the contract is discharged, with nothing left to perform. This distinguishes it from an executory contract, where some obligations still remain. A valid contract is enforceable but could be in an earlier stage of performance, a void contract is unenforceable from the start, and a voidable contract is initially binding but may be rescinded by one party for a valid reason.

When all promises in a contract have been fulfilled by every party, the agreement is executed. That means the duties have been completed and the contract is discharged, with nothing left to perform. This distinguishes it from an executory contract, where some obligations still remain. A valid contract is enforceable but could be in an earlier stage of performance, a void contract is unenforceable from the start, and a voidable contract is initially binding but may be rescinded by one party for a valid reason.

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