What is an example of an executory contract?
An example of an executory contract is an apartment lease. The lessee is expected to continue to pay and the lessor is expected to continue to care for the property until the end date in the contract.
What is an executory contract quizlet?
An executory contract is a contract that has not yet been fully performed, that is to say, fully executed. Put another way, it's a contract under which both sides still have important performance remaining.
What does it mean if a contract is executory?
Executory refers to something (generally a contract) that has not yet been fully performed or completed and is therefore considered imperfect or unassured until its full execution. Anything executory is started and not yet finished, or is in the process of being completed in order to take full effect at a future time.
What type of contract are also known as executory consideration?
Executory Contracts. In an executory contract, the consideration is either the promise of performance or an obligation. In such contracts, the consideration can only be performed sometime in the future, hence the name executory contract. Here the promises of consideration simply cannot be performed immediately.
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