Which of the following is true about an executed contract?

An executed contract is one in which both parties have fully performed their obligations as outlined in the agreement. This means that all terms and conditions have been satisfied, and there are no outstanding duties or responsibilities remaining for either party. In legal terms, an executed contract signifies that the parties have completed their promises, resulting in the fulfillment of the contractual agreement.

Understanding the nature of an executed contract contrasts with an executed but incomplete contract, where one or both parties have not yet fulfilled their contractual duties. This distinction highlights why the notion of full performance by both parties is critical to the definition of an executed contract. This is what makes the statement about both parties having met their obligations the most accurate choice.