Final answer:
An executed contract is a pre-existing agreement where all terms have been fulfilled by the involved parties. This differentiates it from an executory contract where obligations remain unfulfilled by one or more parties.
Step-by-step explanation:
A pre-existing contract in which all terms have been fulfilled by all parties is referred to as an executed contract.
This means that each party has performed their respective duties as outlined in the agreement.
An executed contract stands in contrast to an executory contract, where the terms are set but at least one of the parties' obligations remain unfulfilled.
Understanding the completion status of a contract is crucial in the legal field and can affect how parties might proceed in case there are disputes or further dealings.