In legal terminology and general usage, the term “executed” denotes that an action, task, or obligation is fully accomplished or performed. This term implies that nothing is left unfulfilled or incomplete. The concept of execution is crucial in various fields such as law, contract management, finance, and project management, ensuring that all parties meet their obligations comprehensively.
Legal Context
Definition and Application
In a legal context, “executed” refers to the completion of an activity or contract. For instance:
- Executed Contract: A contract where all the terms and conditions are fully performed by all parties involved.
- Executed Deed: A formal legal document that has been signed, sealed, and delivered, rendering it effective.
Contrast with Executory
Executory is often contrasted with executed. An executory contract is one in which some future terms or conditions remain to be performed or fulfilled after the initial agreement.
Examples
- Executed Contract Example: A buyer has paid, and the seller has delivered the goods.
- Executory Contract Example: A future delivery of goods has been promised, but payment or delivery has not yet occurred.
Special Considerations
Completeness
The principal characteristic of something that is executed is its completeness:
- Legal Completeness: All legal formalities and stipulations are finished.
- Practical Completeness: No more actions are pending regarding the transaction or agreement.
Historical Context and Evolution
Legal Foundations
The use of the term “executed” has historical foundations in common and civil law, emphasizing the necessity for legal and contractual obligations to be completely fulfilled.
Applicability in Different Fields
Finance and Banking
- Executed Financial Transaction: A trade that has been settled completely, meaning the buyer has received the asset, and the seller has been paid.
Project Management
- Executed Project: A project where all tasks, deliverables, and objectives are fully completed.
Real Estate
- Executed Lease: A lease agreement that has been signed by all parties and is fully in force.
Comparisons
Examples of Executed vs. Executory
| Context | Executed Example | Executory Example |
|---|---|---|
| Contract | Sale completed, goods delivered | Agreement signed, goods to be delivered |
| Real Estate | Deed transferred, property handed over | Lease agreement signed, occupancy in future |
| Financial Transaction | Trade settled, payment made | Purchase order placed, pending settlement |
Related Terms
- Contract Law Terms: - Breach of Contract: A violation of any terms or conditions in a contract.
- Performance: Fulfillment of contractual obligations.
- Consideration: The benefit that each party gets or expects to get from the contractual deal.
- Additional Legal Terms: - Executed Trust: A trust that has been fully transferred and all administrative tasks are complete.
- Executed Testament: A will that has been signed and witnessed according to legal formalities.
FAQs
What makes a contract executed?
Can an executed contract be revoked?
How does the term 'executed' apply in real estate transactions?
References
- Black’s Law Dictionary, 11th Edition.
- Restatement (Second) of Contracts.
- Horn, N. & Schmitthoff, C. (2007). International Trade Law.
Summary
Understanding executed as a term is vital in various fields. It signifies that all actions, formalities, or obligations under a contract or agreement have been completely and satisfactorily finished. Its counterpart, executory, refers to future commitments or actions pending completion. The clear comprehension of these terms ensures precision in legal documents, financial deals, real estate transactions, and project implementations.
