Executed Contract

A contract which transfers the possession of a thing together with the right; a contract which conveys a chose in possession, as distinguished from a chose in action.

2 BL Com. 443.

2 Steph. Com. 112.— A contract where nothing remains to be done by either party, and where the transaction is completed at the moment that the agreement is made, as where an article is sold and delivered, and payment therefor is made on the spot.

Story on Contracts, § 1 8.