What is an executed contract?

An executed contract is a contract that has been signed and carried out by both parties. In Washington, an executed contract is an agreement between two or more parties that has been accepted by all involved, and is legally binding. The process of creating an executed contract involves each of the parties agreeing to the terms and conditions of the contract, signing the document as evidence of their acceptance, and performing the obligations specified in the contract. All parties must also get a copy of the executed contract. In Washington, an executed contract must have the following elements to be legally enforceable: mutual assent (both parties agree to the contract terms), consideration (a payment or promise of a payment exchanged for an act or promise of an act), legality of purpose (the contract must not be in violation of any statutes or regulations), and capacity (all parties must have the ability to comprehend their actions in light of the contract). Once an executed contract is in place, both parties must follow the terms they agreed to. If one of the parties breaches the contract, the other may be able to file a lawsuit to seek damages. If the breach is not significant, the other party may be able to seek an injunction, which orders the breaching party to perform the obligations outlined in the contract.

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