It can mean that the contract has been signed. BUT. That contract is not whole until it is fully performed, at coe/recordation. And many will say that it is only executory and not actually executed till then.

The contract agreement is executed when all parties to the contract sign it. The contract itself is fully executed when all of the terms of the contract have been fulfilled. In Real Estate the contract would be fully executed on the day of closing.

When the contract is either activated, working or fulfilled

Tony and Suzanne Marriott, Associate Brokers As I said previously, a contract is executed when the property is closed. Until that point it is executory when items are left to be done. It is common, but not correct to say a contract is executed upon getting all signatures and initials. 

Tony and Suzanne Marriott, Associate Brokers - in one sentence...

Signed by all interested parties!

Signed sealed and delivered.

All terms are agreed upon and signed by all parties.

Executed contract is when all terms of the contract are fulfilled. 

A fully executed offer is when all parties have agreeded to all the terms of the offer and all signatures and initials have been collected in the document and you have a binding date.

fully signed by all parties to the contract.

All signatures and initials and terms have been signed, initialed and no more terms need to be negotiated.

Without crossing hairs .. You are most likely referring to the point of a real estate offer where the buyer and seller have agreed in writing to a contract to purchase and both parties have signed & initialed in the appropriate places. This agreement is now legal, binding and enforceable to both parties. 

When the contract has been signed and initialled here required by all parties. But I am not an attorney!

You need to be careful when using the term 'executed'. You have received some answers.

Tony and Suzanne,

When every thing has been signed by all parties, including initialed if that is asked for.  A

when all parties have signed...

Tony and Suzanne - I had always thought an executed contract was when it was signed and initialed by all parties, but now I am not so sure.

Everyone who is a party to the contract has signed and dated; earnest money and due diligence fees have been paid. I like to use the term ratified, not executed, in this situation.

A Contract that is fully executed which means signed and acknowledge by all parties.

I thought, it is another question from a student. Why do you ask?

Both parties have signed off is the definition I use.

I think it's when al parties have signed, although in my mind it's one more step buyer deposits earnest money.  Lots of vacation second home buyers can get cold feet

Did you enroll in the Utah school Tony?