Executory Contract

An executory contract is a contract which has not yet been fully performed, that is to say, fully executed. To put it another way, it's a contract under which both sides still have important performance remaining. However, an obligation to pay money, although such obligation is material, does not usually make a contract executory. An obligation is material if a breach of contract would result from the failure to satisfy the obligation. A contract that has been fully performed by one party but not by the other party is classified as an executory contract.

Read more about Executory Contract:  In Bankruptcy Law, Installment Contracts

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    The way in which men cling to old institutions after the life has departed out of them, and out of themselves, reminds me of those monkeys which cling by their tails—aye, whose tails contract about the limbs, even the dead limbs, of the forest, and they hang suspended beyond the hunter’s reach long after they are dead. It is of no use to argue with such men. They have not an apprehensive intellect, but merely, as it were a prehensile tail.
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