executory contracts

Definition of "executory contracts"
  1. Agreements in which both participating parties still have obligations to fulfill. A debtor can choose to maintain or end this type of contract in bankruptcy
How to use "executory contracts" in a sentence
  1. Before declaring bankruptcy, he had to decide whether to assume or reject his executory contracts.
  2. Both parties need to review their roles in the executory contracts.
  3. To streamline its operations, the company rejected some of its executory contracts.

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