what is executed consideration?
when the parties perform their part instantly. consideration is the the thing the party does.
Executed consideration refers to a type of consideration that has already been completed or fulfilled by one party in a contract. It means that a promise has already been performed or something of value has been delivered by one party to another party. It differs from executory consideration, which refers to promises that have not yet been fulfilled.
For example, if Party A promises to deliver goods to Party B in exchange for payment, and Party A has already delivered the goods, then the consideration in the contract is executed. This means that Party A has already fulfilled their promise and Party B has received something of value, and therefore the contract is binding.
Executed consideration is an important concept in contract law because it is necessary for a contract to be enforceable. Both parties must provide consideration in a contract for it to be valid, and if one party has already performed their part of the deal, then the other party is legally obligated to fulfill their obligations under the contract as well.
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