Which contract has all parties fully performed, such as buyer paying and seller delivering the deed?

• A. Void contract
• B. Informal (parol) contract
• C. Executed contract
• D. Formal contract

Answer: (C)

An executed contract means all parties have fully performed their promises. In a real estate example, that’s when the buyer has paid and the seller has delivered the deed and completed any other agreed obligations, leaving no duties unfinished. That complete performance distinguishes it from contracts where duties remain to be done (executory).

The other types aren’t about whether performance is complete. A void contract is invalid from the start and unenforceable, regardless of any performance. An informal (parol) contract refers to the form—oral or written—not to how much of it has been carried out. A formal contract hinges on required formalities (like a seal or specific form) rather than the stage of performance.