What is the distinction between executed Contract and Executory Contract?

a). Executed contract refers to the contract that has been carried out by both parties. It is the contract that has been completed. The consideration that has been actually given for contract is described as executed consideration. 

b). And as to Executory Contract, it is the contract that has yet to be carried by the parties. It is the one which takes the form of premises to be performed in the future. The consideration that has still to be given for Contract is described as Executory Consideration. 

Note: Executed Contract, arises where parties have already performed their contract completely that is; there is complete performed of Contract. 

Executory Contract arises where the contract has yet to be performed by parties. It takes the form of promise to be performed in future.