executed contract

executed and executory contracts

Contracts are also divided into executed and executory; executed, where nothing remains to be done by either party, and where the transaction is completed at the moment that the arrangement is made, as where an article is sold and delivered, and payment therefor is made on the spot; executory, where some future act is to be done, as where an agreement is made to build a house in six months, or to do an act on or before some future day, or to lend money upon a certain interest, payable at a future time.

+ executed contract

Contract which has been fully performed by the parties. If performed in part, it is partially executed (executory); if entirely performed, it is fully or wholly executed.

See also contract

- executed oral agreement

- executory contract

+ executory contract

A contract that has not as yet been fully completed or performed. A contract the obligation (performance) of which relates to the future. Wagstaff v. Peters, 203 Kan. 108, 453 P.2d 120, 124.

In context of Bankruptcy Code, is contract under which obligation of both bankrupt and other party to contract are so far unperformed that failure of either to complete performance would constitute material breach excusing performance of either. In re Knutson, C.A.Minn., 563 F.2d 916, 917