Which of the following is NOT true regarding an executed contract?

An executed contract is one that has been fully performed by all involved parties. This means that every term of the contract has been completed, and the obligations outlined within it have been fulfilled. Given this context, the fact that it is legally binding emphasizes that all parties are held to the agreements made prior to execution.

The statement that is correct in this case is that an executed contract no longer has any obligations left to fulfill. Once the terms have been fully executed, the legal responsibilities that stem from the contract cease to exist, as all parties have completed their duties. This distinguishes executed contracts from those that are merely in negotiation or have not been fully carried out.

The assertion that it can still be modified following execution is inaccurate because once a contract is executed, any changes typically require the consent of all parties and often need to be documented through an amendment. Without mutual agreement, a fully executed contract remains intact and unchangeable, except under specific circumstances that may allow for modification, such as mutual mistake or unforeseen circumstances.

Thus, the correct understanding of an executed contract includes the notion that it has fulfilled its purposes and therefore no longer embodies active obligations among the parties involved.