Which term describes a contract that is completed and closed?

The term that describes a contract that is completed and closed is "executed." In the context of contracts, an executed contract refers to one where all parties have fulfilled their obligations and the terms stipulated in the agreement have been fully performed, meaning that the contract is no longer in effect as its obligations have been met.

In contrast, an "executory" contract is one in which some actions or obligations are still pending, meaning that not all conditions or terms have been fulfilled. Therefore, it remains active until all parties complete their obligations.

"Bilateral" and "unilateral" relate to the number of parties involved in the promise or obligation of a contract rather than its completion status. A bilateral contract involves mutual promises between two parties, while a unilateral contract involves one party making a promise in exchange for an act by the other party. While these terms are important to understand in contract law, they do not describe the current status of a contract being completed.