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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/
Dec 19, 2014 · 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.
An executory contract is defined as a contract where both parties have ongoing obligations to perform under its terms. The legal definition emphasises the mutual responsibility to fulfils future duties, which distinguishes it from contracts that are already fully executed.
An executory contract is a type of agreement between parties in which some future act or obligation remains to be performed. This means that the completion of the contract's terms and conditions is contingent on one or more parties fulfilling certain actions or duties in the future.
An executory contract is a contract made when two parties enter into an agreement that involves certain obligations to be executed over time. At its most basic, the definition of an executory contract is that, unlike an executed contract, it involves obligations that are still pending.
An executory contract works by outlining the responsibilities of each party involved. Until all terms are met—like payments made or services provided—the contract remains executory. Once both parties fulfill their obligations, the contract is considered executed or completed.
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.
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Jul 5, 2024 · Executory, in legal terms, refers to a contract or agreement in which some or all of the terms and obligations have yet to be fulfilled by one or more parties. These are contracts that are still in progress, with future actions or performances required to complete the agreement.
