executory contract

executory contract
executory contract see contract

Merriam-Webster’s Dictionary of Law. . 1996.

executory contract
n.
A contract that will not be complete until some specific event happens.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


executory contract
USA
A contract under which unperformed obligations remain on both sides, or where both parties have continuing obligations to perform. For example, most leases or contracts for the sale of goods where the goods have not been delivered by the seller and the buyer has not paid, are executory contracts. A contract is not executory if the goods have been delivered but the seller has yet to pay. Executory contracts are given special treatment under the Bankruptcy Code. The debtor has the choice to continue or reject the agreement.
For further information, see Practice Notes, Executory Contracts and Leases: Overview (www.practicallaw.com/8-381-2672)and Executory Contracts in Bankruptcy: Strategies for Non-Debtors (www.practicallaw.com/9-381-3181).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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Look at other dictionaries:

  • executory contract — a contract in which some or all of the obligations of each party have not yet been completed. The debtor in possession (or trustee) is allowed to reject unilaterally certain executory contracts (Glossary of Common Bankruptcy Terms) see leases and …   Glossary of Bankruptcy

  • Executory contract — An executory contract is a contract in which a party has material unperformed obligations. Although material, an obligation to pay money does not usually make a contract executory. An obligation is material if a breach of contract would result… …   Wikipedia

  • executory contract or lease — Generally includes contracts or leases under which both parties to the agreement have duties remaining to be performed. (If a contract or lease is executory, a debtor may assume it or reject it.) (BankruptcyAction.com) United Glossary of… …   Glossary of Bankruptcy

  • 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 contract — A contract to be performed, each party having bound himself to do or not to do a particular thing. 17 Am J2d Contr § 6 …   Ballentine's law dictionary

  • executory contract to sell — Contract under which something remains to be done by either party before delivery and passing of title. Martin v. John Clay & Co., Mo.App., 167 S.W.2d 407, 411 …   Black's law dictionary

  • executory contract to sell — Contract under which something remains to be done by either party before delivery and passing of title. Martin v. John Clay & Co., Mo.App., 167 S.W.2d 407, 411 …   Black's law dictionary

  • executory contract of sale — A contract, the terms and conditions of which must be performed before title passes. 46 Am J1st Sales § 412. A land contract under which the execution and delivery of a further instrument is necessary for the passing of title to the purchaser. 55 …   Ballentine's law dictionary

  • executory — ex·ec·u·to·ry /ig ze kyə ˌtōr ē/ adj: designed or of such a nature as to be performed in the future or to take effect on a future contingency cancellation of the executory portion of the contract J. J. White and R. S. Summers compare contingent… …   Law dictionary

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