When all the terms of a contract have been fully performed by the contracting parties, how is the contract described?

A contract is described as "executed" when all parties have fulfilled their obligations as per the agreement. This means that the essential aspects of the contract—such as the exchange of consideration, delivery of services or goods, and other terms specified—have been completed.

In legal terms, an executed contract indicates that everything stated in the contract has been satisfied, leaving no outstanding obligations for either party. This is an important concept in understanding how contracts function, as it marks the conclusion of the parties' responsibilities towards each other and signifies that the contractual relationship has been completed.

Other terms like "incomplete" denote that some obligations remain unfulfilled, "void" means the contract is not legally enforceable from the beginning, and "implied" refers to contracts that are not expressed in written or spoken form but are understood through actions or circumstances. Understanding these distinctions helps in recognizing the status of contractual agreements in various contexts.