What is an executed contract?

An executed contract is a legal document that has been agreed upon by two or more parties and executed, or signed, by all parties. In Texas, an executed contract is legally binding and may be enforced in a court of law. A contract must include an offer, acceptance of the offer, consideration (something of value given in exchange for the agreement, such as money or services), and the agreement of all parties to the terms listed in the contract. Once this is complete, the contract is said to be "executed." Once a contract is executed, both parties are obligated to fulfill their responsibilities as outlined in the contract. If a party fails to fulfill his or her obligations, the other party may be able to sue for breach of contract.

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