An example of this type of „executed contract“ would be a contract to purchase a large aircraft. This contract is concluded and the aircraft is delivered immediately. An example of a „performance contract“ may be a contract with a general contractor for the construction of a house for which work is expected to begin in four months. It is important to understand that, in both cases, once a contract has been signed by all parties, it becomes legal and binding. There are two forms of agreement written under English law: simple contracts (written „on hand“) and deeds. However, the contract does not indicate how long it will take for the service to be fully executed. There is only the signing date and the execution date. Counsel for Mr. Fergusson reviewed the agreement and concluded that it was an executed contract, as both parties had signed and agreed to it. It also found that the execution date was January 28 and February 1 came into effect. Since the treaty does not say when the service will be fully terminated, Mr. Fergusson does not complain about any legal basis. This means that it has to wait until the service can be completed.
Contracts and simple acts are often executed in the opposite stages. This means that each contracting party signs separate but identical copies of the same document. The signed copies together form a single binding agreement. Documents are most often executed in the form of simple contracts. A contract becomes mandatory on the date on which both parties intend to implement it, which is generally demonstrated by both parties who sign the agreement. There is no need to testify to the signature. That is the case, for example. B for leases. At the end of a certain period of time, the contract is already fully concluded and the contractual relationship ends on that date.
The execution date is the exact date on which the contract was signed by the parties. This date may differ from the date of entry into force, i.e. the date on which the act or the subject matter of the contract actually takes place. A contract would have been executed once both parties had fulfilled their obligations. In the case of a real estate contract, this step is taken. Pending the change of payment and title, the contract can only be executed „enforceable.“ Understanding the contractual terms implies understanding the difference between the date of execution of the contract and the actual date of entry into force, if any, in order to avoid confusion in the future. Changes to a contract must be signed in writing and by all parties prior to the amendment. Since an executed contract is a legal document, each party should keep a copy and, if necessary, refer to it in order to fully discharge its obligations. If one party has not fulfilled its obligations, the other party may eventually bring a civil action. For example, if John does not make the agreed rents for his car, the car could not only take the car back, but could sue John in civil court for the remaining amount owed from the lease.