A contract in which all parties have fully performed their obligations.
Why Executed Contract matters on the exam
This term belongs to Contracts. The questions below are real items from Freehold's bank that use it - each one cites its source.
Exam questions using Executed Contract
Every Freehold question shows why the right answer is right — and cites its source.
A signed purchase agreement in which the buyer's financing and inspections are still pending is best described as:
An executory contract
An executed contract
A voidable contract
An implied contract
Show answer & explanation
An executory contract — An executory contract is one in which obligations remain to be performed, such as satisfying financing and inspection contingencies before closing. Once fully performed at closing, the contract becomes executed.
Source: PSI National Real Estate Exam Content Outline §7 Contracts
A contract in which the terms are stated in written or spoken words is called a(n):
Implied contract
Express contract
Unilateral contract
Executed contract
Show answer & explanation
Express contract — An express contract has its terms explicitly stated, orally or in writing, as opposed to an implied contract, whose terms are inferred from the parties' conduct.
Source: PSI National Real Estate Exam Content Outline §7 Contracts
A contract that has been fully performed by all parties is described as:
Executory
Executed
Void
Voidable
Show answer & explanation
Executed — An executed contract is one in which every party has completely fulfilled all of the obligations it created; a contract with remaining duties is instead called executory.
Source: PSI National Real Estate Exam Content Outline §7 Contracts
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