Ohio Surety Bail Agent Practice Exam

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How is an "Executed" contract described?

One where the parties' promises have not been completed
A contract fully performed by all parties
A contract that may involve fraud
A contract implied by actions rather than explicitly stated

The correct answer is: A contract fully performed by all parties

An "Executed" contract is described as one that has been fully performed by all parties involved. This means that all obligations and duties outlined in the contract have been completed, and there are no remaining responsibilities on either side. In the context of legal and contractual terminology, when a contract is executed, it signals that the agreement has reached its conclusion, and both parties have fulfilled their promises. Understanding this concept is important as it differentiates executed contracts from those that are merely executory, where one or more parties still have outstanding obligations. This distinction can be critical in legal matters, particularly concerning disputes over contract performance or enforceability.