Legal Definitions - executed consideration

Executed consideration is a type of consideration in contract law that refers to consideration that has already been given. Consideration is something of value that is exchanged between parties in a contract. It can be an act, a forbearance, or a return promise. Executed consideration is different from executory consideration, which is consideration that is promised to be given in the future.

For example, if John promises to pay Jane $500 for painting his house, and Jane has already completed the painting, then the consideration is executed. The act of painting the house is the consideration that Jane has already given, and the promise to pay $500 is the consideration that John has given.

Another example of executed consideration is when a person pays for a product or service. The payment is the executed consideration, and the product or service is the consideration that the other party has given.