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Executed and Executory Contracts

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EXECUTED AND EXECUTORY CONTRACTS. A contract that is fully performed on both sides is said to be "executed." While a contract under which nothing has been done is "executory." Contracts may be part performed and part unperformed, that is, both executed and executory in part. (2 Bl. Corn. 443; Fletcher v. Peck, 6 Cranch, 87, 136.)