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An "Executed Contract" is an agreement where everyone involved has done what they promised to do. It's like when you and your friends make a plan to trade something, and once everyone has traded their items, the deal is done. An executed contract means all the terms of the agreement have been met, and there's nothing left to do.
For example, imagine someone buys a house. The buyer and seller sign a contract agreeing to the terms of the sale, like the price and closing date. Once the buyer pays the money, and the seller gives the keys to the new owner, the contract has been executed because both parties have fulfilled their promises.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the land of promises and deals,
An executed contract has a great appeal.
It's when everyone's done what they said,
And there's no more to do, the deal's put to bed.
Like buying a house, for you and for me,
Both buyer and seller must agree.
The price and the date, they sign on the line,
And when all is done, everything's fine.
The buyer pays up, the seller hands o'er the key,
The contract's executed, as you can see.
Everyone's happy, their promises kept,
In the land of contracts, a successful step.