A contract that has been completed is known as what?

A contract that has been completed is referred to as an executed contract. This term describes an agreement where both parties have fulfilled their respective obligations as stipulated within the contract. Once all terms of the contract have been met—such as payment being made and services rendered—the contract is considered executed, meaning it has been brought to completion.

In contrast, a void contract is one that is not legally enforceable from the moment it is created, often due to some element being missing or illegal. An enforceable contract, while valid, may still be in a stage where some obligations have not yet been met, which means it is not fully executed. A preliminary contract implies it is a foundational agreement that leads to a future contract or a more detailed contract, meaning it has not reached execution either.

Thus, the notion of a completed agreement clearly aligns with the definition of an executed contract, making this the correct choice in the context of the question.