An Executory Contract Is a Contract That

question 23

Multiple Choice

An executory contract is a contract that:

• A) has been recorded
• B) is in writing
• C) has been fully performed
• D) is yet to be completed

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Definitions:

IRS Form 940

A form used by employers in the United States to report their annual Federal Unemployment Tax Act (FUTA) tax.

Federal Unemployment Tax

A tax imposed on employers to fund state workforce agencies. Employers pay this tax to finance the unemployment compensation to workers who have lost their jobs.

Income Taxes

Taxes imposed by the government on the income generated by businesses and individuals.

Independent Contractors

Workers who provide services to a business under terms specified in a contract, not considered as employees of the company.