A contract may be classified as either executed or executory, depending on whether the agreement is performed. An executed contract is one in which all parties have fulfilled their promises: the contract has been performed. This sometimes can be confused with the word execute, which refers to the act of signing a contract. An executory contract exists when one or both parties still have an act to perform. A lease contract is an executory contract from the time it is signed until move-in tenancy has not yet changed hands, and the Renter has not taken possession of the premises. At move-in, the lease contract is executed.
