Day 6 – Executed Contract
Definition: A contract that has been fully performed by all parties involved.
Example: A one off purchase of goods where payment has been made and the goods delivered.
Example: A bakery agrees to bake 150 mince pies for a local Christmas market stallholder. The contract states that the stallholder would pay £400 upon the delivery of the mince pies. On December 18th, the bakery delivers the mince pies, and the stallholder pays the money in full.
Case law: Pao On v Lau Yiu Long [1980][1]
[1] Pao On v Lau Yiu Long [1980] AC 614
