executory contract

Definition of "executory contract"
  1. An agreement in which the obligations and duties are still to be carried out by one or both parties
How to use "executory contract" in a sentence
  1. The couple signed an executory contract for their new home, but they still need to pay and move in.
  2. Lease agreements are usually in the form of an executory contract, where both the landlord and tenant have duties yet to fulfill.
  3. The executory contract for the business merger specifies performance obligations for both companies in the future.

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