Which term describes a contract that has been completely performed by both parties?

• A. Express contract
• B. Offer
• C. Implied contract
• D. Executed contract

Answer: (D)

When a contract has been completely performed by both parties, it is called executed. Executed means all obligations under the agreement have been fulfilled, so there are no remaining duties for either side. This is different from an executory contract, where some duties still need to be performed. The other terms describe how a contract is formed rather than its completion status: an express contract is formed by stated terms, an implied contract arises from conduct, and an offer is simply the proposal to enter into a contract. For example, after a contractor completes the agreed work and the client pays in full, the contract is executed.