Asked by Godwin Grimes on Jun 27, 2024
Verified
Describe an "executory contract" and provide an example.
Executory Contract
A contract yet to be performed; a contract at the stage when an agreement has been made but before performance is due.
Example
A representative instance or case used to illustrate a principle, pattern, or procedure.
- Differentiate between executed and executory contracts.
Verified Answer
GS
Gabriella SamperJun 28, 2024
Final Answer :
A contract yet to be performed, or a contract at the stage when an agreement has been made but before performance is due. Example. A minor has received goods but has not yet paid for them.
Learning Objectives
- Differentiate between executed and executory contracts.
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