What type of contract is formed when both parties have completed their obligations?

When both parties have completed their obligations, the contract is classified as an executed contract. In this context, "executed" signifies that all parties involved have fulfilled their contractual duties, leading to the conclusion of the agreement. This type of contract indicates that both sides have performed their respective roles, and no further actions are required from either party.

In contrast, an executory contract is one where some obligations are still outstanding or pending. An unenforceable contract refers to an agreement that cannot be enforced in a court of law for various reasons, such as lack of consideration or violating statutes. A unilateral contract involves a promise made by one party that is contingent on the performance of an act by another party, often resulting in one-sided obligations rather than mutual completion. Thus, the defining characteristic of an executed contract aligns perfectly with the completion of all obligations by both parties.