Contract defined — Executed and executory contracts

(a) An executed contract is one in which all the parties thereto have performed all the obligations which they have originally assumed. (b) An executory contract is one in which something remains to be done by one or more parties. (Orig. Code 1863, § 2677; Code 1868, § 2673; Code 1873, § 2715; Code 1882, § 2715; Civil Code 1895, § 3632; Civil Code 1910, § 4217; Code 1933, § 20-102.)