What term describes a contract that is completed but not yet closed?

The term that describes a contract that is completed but not yet closed is "executory." An executory contract is one where certain obligations remain to be fulfilled by one or both parties, meaning that even though the agreement has been made and is operative, it has not yet reached its final stage where all agreed terms have been satisfied and the contract is fully executed. This is especially relevant in real estate transactions, where actions like the transfer of title or payment of purchase price may still need to occur before the deal is officially closed.

In contrast, a fully executed contract refers to one where all parties have completed their contractual obligations, meaning no further actions are needed. A voidable contract can be valid at its inception but may be rejected at a later time by one of the parties due to certain circumstances, while an unenforceable contract cannot be enforced in a court of law due to a legal technicality or some defect. These terms illustrate different states of a contract but do not describe a situation where the contract is active but not yet completed, which aligns with the definition of executory.