Executory vs Executed Contracts
Contracts that are Performed or To Be Performed
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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: Why do you think it is necessary in business to characterize contracts are executory versus executed?