If a contract has been formed between parties but something remains to be done by one or both parties to fulfill the conditions of the contract, it is an executory contract. The contract is not yet fully performed. A real estate sale contract, between the time of signing the contract and the time of closing the transaction, is an executory contract.
When all parties to a contract have completely performed all the obligations and promises contained in the contract, it is an executed contract. A real estate sale contract becomes an executed contract after the title closing and all the promises of both buyer and seller have been fulfilled