What is the term for a contract in which the terms have not been fully performed by all parties involved?

What is the term for a contract in which the terms have not been fully performed by all parties involved?

• A. Executed
• B. Executory
• C. Breach
• D. Implied

Answer: (B)

The term that describes a contract in which the terms have not been fully performed by all parties involved is "executory." An executory contract is one where some future act or obligation remains to be performed by one or more parties. This could mean that one party has not yet fulfilled their obligations while the other has done so, or that neither party has completely fulfilled their end of the agreement. In contrast, an executed contract is one where all parties have completed their contractual obligations. A breach refers to a violation or failure to perform any part of a contract, which could apply to an executory contract if a party fails to meet their obligations. An implied contract is one that is not written but understood based on the actions or circumstances surrounding the agreement. Therefore, the term "executory" specifically captures the notion of unfinished responsibilities within a contract context.

The term that describes a contract in which the terms have not been fully performed by all parties involved is "executory." An executory contract is one where some future act or obligation remains to be performed by one or more parties. This could mean that one party has not yet fulfilled their obligations while the other has done so, or that neither party has completely fulfilled their end of the agreement.

In contrast, an executed contract is one where all parties have completed their contractual obligations. A breach refers to a violation or failure to perform any part of a contract, which could apply to an executory contract if a party fails to meet their obligations. An implied contract is one that is not written but understood based on the actions or circumstances surrounding the agreement. Therefore, the term "executory" specifically captures the notion of unfinished responsibilities within a contract context.