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