If one party has fully performed a contract while the other has not, how is the contract classified?

When one party has fully performed a contract while the other party has not, the contract is classified as executed on one side and executory on the other. This means that one party has fulfilled their obligations under the contract completely, while the other party has yet to fulfill theirs.

In legal terms, an "executed" contract refers to a contract in which all parties have completed their obligations, whereas an "executory" contract indicates that some future performance is still needed to complete the contract's terms. In this case, since one party has fully performed, we have an executed portion of the contract, while the incomplete obligations of the other party render that portion as executory.

Understanding this distinction is crucial in contract law because it affects the rights and remedies available to the parties involved, as well as the overall enforceability of the contract.