executory contract

  

Definition

Contract under execution, or where one or more parties have not yet performed their duties as stipulated in the contract document. An ongoing lease agreement is an executory contract.

Use executory contract in a sentence

  • They had an executory contract in place and it mad everyone a bit nervous because they had not performed what they were supposed to yet.

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  • You should always make sure that you do everything that an executory contract says or it may have to be voided.

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  • You need to always keep up to task on anything from an executory contract so that you know you have fulfilled all your duties.

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