What is an executed contract?

An executed contract is a legally binding agreement between two or more parties that is enforceable in a court of law. In Virginia, an executed contract must meet certain requirements in order to be valid. These requirements include (1) an offer made by one party and accepted by the other; (2) both parties must be competent (have capacity to make a legally binding contract); (3) consideration (something of value must be exchanged); (4) an agreement that must be in writing. Once these requirements are met, and all the necessary signatures are in place, the contract is legally binding and can be enforced in court. An executed contract is different from an unenforceable contract which is an agreement that does not meet all of the legal requirements of a valid contract. Generally, an unenforceable contract is void and cannot be enforced in court. In conclusion, an executed contract is a legally binding agreement between two or more parties that is enforceable in a court of law and meets all of the legal requirements of a valid contract in Virginia.

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