An Executory Contract Is

question 29

Multiple Choice

An executory contract is:

• A) void if neither party has performed.
• B) One that has been completely performed.
• C) entered into but not fully performed.
• D) always unilateral in nature.

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Definitions:

Consideration

The value (such as money, services, or goods) exchanged between parties in a contract, making the agreement legally binding.

Apparent Authority

The impression given by a principal to a third party that an agent has the authority to act on the principal’s behalf.

Agency Relationship

A legal relationship wherein one party, the agent, is authorized to act on behalf of another party, the principal, in business transactions.

Consideration

In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement, making the contract legally binding.