What is the legal term for a situation in which an individual completes the obligations of a contract?

The term that describes a situation in which an individual has fulfilled all their obligations under a contract is known as an executed contract. When a contract is executed, it means that all parties involved have fulfilled their promises as laid out in the agreement, resulting in the contract being fully performed. This completion effectively brings the contractual obligations to an end.

In contrast, an unexecuted contract refers to an agreement where one or more parties have yet to fulfill their obligations; thus, it is not fully completed. A void contract is one that is not legally enforceable from the moment it is created, often due to lacking essential elements such as legality or capacity. A conditional contract involves obligations that are dependent on certain conditions being met; until those conditions are satisfied, the contract remains in a state of limbo regarding fulfillment. Hence, executed contract is the most suitable choice in this scenario.