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- An executory contract is a contract made by two parties in which the terms are set to be fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed. The contract is often in place between a debtor or borrower and another party.
legaldictionary.net/executory-contract/
law, business specialized. A law, agreement, etc. that is executory has been agreed, but does not yet have an effect and will begin in future: executory contract We would like some flexibility to cancel executory contracts. Some judgements may be modified after becoming executory. Fewer examples.
- English (US)
law, business specialized. A law, agreement, etc. that is...
- Znaczenie Executory, Definicja W Cambridge English Dictionary
executory definicja: 1. A law, agreement, etc. that is...
- Executory Trust
EXECUTORY TRUST definition: a trust (= legal arrangement in...
- Exegesis
EXEGESIS definition: 1. an explanation of a text, especially...
- English (US)
- Executory Contracts
- Executory vs. Executed Contract
- Basics of Executing A Contract
- Breaching An Executory Contract
- Executory Contracts in Bankruptcy
- Consulting A Bankruptcy Attorney
- Related Legal Terms and Issues
There are many types of executory contracts, some more complex than others: 1. Rental lease: Tenant is required to pay the landlord rent; landlord required to provide living space. 2. Equipment lease: Borrower must pay rent on the equipment borrowed; renter must provide equipment. 3. Development contract: Contractor receives payment from the owner ...
An executed contractis a contract that is fully legal immediately after all parties involved have signed, and the terms must be fulfilled immediately. With an executory contract, the terms are set to be fulfilled at a future date. Both contracts however, are considered executed agreements once the parties sign. This means that both parties are lega...
Before signing, or “executing” a contract, it is very important for all parties involved to read and understand all of the terms contained within. Some contracts contain legal jargon or information that may be difficult to understand. In this case, having an experienced attorney review the contract before signing helps protect the parties from ente...
Either party to a contract can breach that contract by failing to fulfill their duties as outlined in the agreement. For example, if Jim enters into an executory contract to lease a car, then fails to make the required monthly payments, he has breached the contract. As a result, the dealership may repossess the car, and sue Jim in civil court for u...
When an individual who is party to an executory contract files bankruptcy, he is not automatically relieved from his performance under the terms of the contract. His options include (1) confirming in writing that he intends to continue to fulfill the terms of the contract, or (2) rejecting the contract within the bankruptcy. As an example, if Jim w...
The rules governing executory and other contracts in bankruptcy are very complex. An experienced attorney can help explain the laws and ensure that the rights of the debtor are protected.
Bankruptcy – a legal process that takes place when a person or business is unable to pay their outstanding debts.Debtor– a person or entity that owes money or property to another person or entityCivil Suit – a case in which a person who feels he been wronged brings legal action against another person or entity to collect damagesfrom the person who wronged them.Legal Jargon – unnecessarily complicated or technical language used in contracts or detailed documents.law, business specialized. A law, agreement, etc. that is executory has been agreed, but does not yet have an effect and will begin in the future: executory contract We would like some flexibility to cancel executory contracts. Some judgments may be modified after becoming executory. Fewer examples.
Find the legal definition of EXECUTORY CONTRACT from Black's Law Dictionary, 2nd Edition. Contractual obligation fulfillment actively being done. Some contractual expectations are yet to be done by one or more parties. An ongoing lease...
An executory contract refers to a contractual agreement which has been made, but performance remains wholly or partly unperformed by both parties. The terms of the contract are set to be fulfilled at a later date.
executory in British English. (ɪɡˈzɛkjʊtərɪ , -trɪ ) adjective. 1. (of a law, agreement, etc) coming into operation at a future date; not yet effective. an executory contract. 2. executive; administrative. Collins English Dictionary.
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What does executory contract mean?
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What does "executory contract" mean in legal documents? An executory contract is a type of agreement where one or both parties still have obligations to fulfill. Imagine you and a friend agree to trade your old video games for a new board game.
