What is the primary characteristic of an executed contract?

An executed contract is defined as a contract that has been fully performed by all parties involved. This means that each party has fulfilled their obligations as specified in the contract, and therefore, the terms have been completed. This characteristic distinguishes executed contracts from those that are still in negotiation or those that have remaining obligations. Execution signifies not just agreement, but the successful completion of the contract's terms, leading to the fulfillment of the parties’ intentions at the time of the agreement. In contrast, contracts that are still being negotiated, cannot be enforced, or require additional terms do not meet the criteria of being executed.