executed and executory contracts

executed and executory contracts
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
+ 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

Black's law dictionary. . 1990.

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  • 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… …   Black's law dictionary

  • 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… …   Black's law dictionary

  • 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… …   Black's law dictionary

  • 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… …   Black's law dictionary

  • 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… …   Black's law dictionary

  • executory — /agzekyatoriy/ That which is yet to be fully executed or performed; that which remains to be carried into operation or effect; incomplete; depending upon a future performance or event. The opposite of executed. As to executory bequest executory… …   Black's law dictionary

  • executory — /agzekyatoriy/ That which is yet to be fully executed or performed; that which remains to be carried into operation or effect; incomplete; depending upon a future performance or event. The opposite of executed. As to executory bequest executory… …   Black's law dictionary

  • contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… …   Black's law dictionary

  • contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… …   Black's law dictionary

  • voidable contract — A contract which, although defective so as to be avoided by one of the parties, is valid and binding until it is avoided by a disaffirmance. Williston, Contracts 3d ed § 15; Restatement, Contracts § 113; 17 Am J2d Contr § 7. The view of some… …   Ballentine's law dictionary

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