Executory vs Executed Contracts - Explained
Contracts that are Performed or To Be Performed
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Table of ContentsWhat are executed contracts and executory contracts?Discussion QuestionAcademic Research
What are executed contracts and executory contracts?
An executed contract is one in which the parties have performed their duties under the contract. An executory contract is one in which the parties have not yet performed their obligations under the agreement.
Example: I enter into a contract with you. Before I have fully performed the contract, it is executory. Once performed, the contract is executed.
Next Article: Performance, Substantial Performance, & Breach Back to: CONTRACT LAW
- When is a party's Duty of performance?
- What is Performance, Substantial Performance, and Breach of a contract?
- What is performance of a Divisible Contract?
- When is a party's duty of performance discharged?
- What are conditions to Contract (Precedent & Subsequent)?
- What is tender performance of a contract?
- What are Impossibility and Impracticability
- What is a Frustration of Purpose?
- Waiver or Release from Contract
- What is a Breach of Contract?
- Acceleration Clause (Contracts) Definition
- What methods exist for resolving a breach?
- What remedies exist for a breach of contract?
- What is Efficient Breach?
- Inchoate Definition
- Evergreen Contract
Why do you think it is necessary in business to characterize contracts are executory versus executed?