Executed vs Executory Contract
An executed contract is fully performed by both parties; an executory contract still has obligations left to complete.
Quick flashcard
What does Executed vs Executory Contract mean on the Texas real estate exam?
Answer: An executed contract is fully performed by both parties; an executory contract still has obligations left to complete.
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Executed vs Executory Contract definition
An executed contract is one in which both parties have fully performed all of their obligations, such as a sale that has closed. An executory contract is one in which something remains to be done.
A signed purchase contract before closing is executory, because the parties still have to close. After closing, the contract is executed.
Source basis
Definition checked against the official sources below on .
On the exam
Exam trap
Tested in
Contracts & Agency (16 of 80 National)
From definition to recall
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