Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Course Subjects
  • Tutoring
  • Home
  • Law, Transactions, & Risk Management
  • Commercial Law: Contract, Payments, Security Interests, & Bankruptcy

Executory vs Executed Contracts - Explained

Contracts that are Performed or To Be Performed

Written by Jason Gordon

Updated at April 5th, 2023

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More

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

Discussion Question

Why do you think it is necessary in business to characterize contracts are executory versus executed?

Related Topics

  • Contract Law (Intro)
  • What is a Contract?
  • Contract Theory Definition
  • Meeting of the Minds
  • Doctrine of Utmost Good Faith 
  • Aleatory Contract Definition
  • What are the sources of contract law?
  • Restatement of Contracts
  • Uniform Commercial Code
  • Convention on Contracts for the International Sale of Goods (CISG) 
  • What is a Unilateral Contract vs a Bilateral Contract?
  • What is an Express Contract vs an Implied Contract?
  • What are the requirements to form a Contract (Offer, Acceptance, Consideration)?
  • What is an Enforceable Contract vs. a Valid Contract?
  • What is a Void Contract vs a Voidable Contract?
  • Adhesion Contract 
  • What is Mental Capacity to contract?
  • What is the requirement of a Lawful Purpose?
  • What are common types of Voidable Contract?
  • What is an Offer?
  • Sum Certain (Contracts) Definition
  • When does an offer to contact terminate?
  • Counterparty Definition
  • Mirror Image Rule?
  • Rule for Sale of Goods
  • Silence is Not Acceptance?
  • Mailbox Rule
  • Shrink-wrap Agreement Definition
  • Click-Wrap Agreement Definition
  • What is Consideration?
  • What is Promissory Estoppel?
  • When is a contract required to be in writing Statute of Frauds?
  • What type of writing satisfies the statute of frauds?
  • Exceptions to the Statute of Fraud
  • Documents Under Seal
  • Who Can Sign Contracts on Behalf of a Company?
  • E-Sign Act
  • Privity of Contract
  • Who are third-party beneficiaries to a contract?
  • What is assignment and delegation of a contract?
  • When is a party's Duty of performance?
  • Aleatory Contract
  • What is an Executed contract vs an Executory contract?
  • Inchoate Definition
  • Evergreen Contract
  • 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)?
  • Abandonment Option (Contract) Definition
  • Cooling Off Rule Definition
  • What is tender performance of a contract?
  • What are Impossibility and Impracticability
  • What is a Frustration of Purpose?
  • Waiver or Release from Contract
  • Accord and Satisfaction
  • Force Majeure Clause
  • Novation
  • What is a Breach of Contract?
  • Repudiation (Contract) Definition
  • Anticipatory Repudiation
  • Acceleration Clause (Contracts) Definition
  • What methods exist for resolving a breach?
  • Assumpsit
  • What remedies exist for a breach of contract?
  • Rescission (Contract)
  • Exculpatory Clause
  • Hold Harmless Clause
  • What is Efficient Breach?
  • Organization of a Contract
  • How to Read the Contract
  • Boilerplate
  • Contract Representations & Warranties
  • Contract Covenants
  • What rules does a court follow in interpreting a contract?
  • Addendum 
  • Allonge Definition
  • What is the Parol Evidence Rule?
  • What is a complete integration vs a partial integration?
  • Exceptions to the Parol Evidence Rule
  • Patent and Latent Ambiguity in a Contract
  • Service Level Agreement Definition 
  • Offtake Agreement
executory executed contracts

Was this article helpful?

Yes
No

Related Articles

  • Requirements to Form a Contract - Explained
  • What is a Holder in Due Course?
  • Cross Collateralization - Explained
  • Stolen Negotiable Instrument and Holder Status - Explained



©2011-2023. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand