What is an executed contract?

An executed contract is a legally binding agreement between two or more parties. It is a contract that has been formally executed, or signed, by all parties involved. In the state of Mississippi, in order for a contract to be considered executed, all parties must sign the contract, and any documents referenced in the contract must be included with it. By signing the contract, each party is indicating agreement to the terms laid out in the contract. Once the contract has been executed, it is binding on both parties, who must fulfill their obligations under the terms of the agreement. In Mississippi, an executed contract must meet the same standards as any other contract. The contract must be in writing, must include an offer, an acceptance, and mutually agreed-upon consideration exchanged by both parties. Additionally, the contract must be made between two mentally competent adults, for a legal purpose, and must not contain terms that are illegal or unenforceable. Executed contracts, like any other contract, can be enforced in court if one of the parties fails to honor the terms of the agreement.

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