Contracts are also distinguished into executed and executory : executed, where nothing remains to be done by either party, and where the transaction is completed at the moment that the arrangement is made, as where an article is sold and delivered, and payment therefor is made on the spot; executory, where some future act is to be done, as where an agreement is made to build a house in six months, or to do an act on or before some future day, or to lend money upon a certain interest, payable at a future time. Farrington v. Tennessee. 95 XT. S. 683. 24 L. Ed. 558; Fox v. Kitton. 19 111. 532: Watkins v. Xugen. 118 Ga. 372. 45 S. E. 202: Knoch v. Ives. 14 Fed. Cas. 89 ft; Watson v. Const. 35 W. Ya. 403, 14 S. E. 2-19: Keokuk v. Electric Co.. 90 Iowa, 07, 57 X. W. 08!); Hatch v. Standard Oil Co., 100 II. S. 130. 25 L. Ed. 554; Foley v. Felrath, 98 Ala. 170, 13 South. 4S5. 39 Am. St. Rep. 39. But executed contracts are not properly contracts at all, except reminiscent.v. The term denotes rights in property which have been acquired by means of contract: but the parties are no longer bound by a contractual tie. Mettel v. Gales, 12 S. D. 632, 82 X. W. 181.
Black’s Law Online Dictionary
