Completion in the United States
Completion Definition
(Adap. Lat. eompletio of action of complere to complete, q.v.) The act of completing in various senses parallel with those of the verb. The word “completion [means] the finishing or accomplishing in full of something which has already been commenced].” … In its narrowest signification the meaning of the word is to carry out something already begun; to fill out something already outlined. (This definition of Completion is based on The Cyclopedic Law Dictionary).
Degree of Completion in Contracts
An agreement consisting of a set of promises is called an executory contract (i.e. a contract that has yet to be completed) before either promise is carried out. Most executory contracts are enforceable. If one promise or set of terms has been fulfilled, the contract is called partially executed (i.e. a contract in which one party has performed, or partly performed, and the other has not). A contract that has been carried out fully by both parties is called an executed contract (i.e. a contract that has been completed). (1)
Resources
Notes
- “Business and the Legal Environment”, by Don Mayer, Daniel M. Warner and George J. Siedel.