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:

Midnight Deadline Rule

A regulation requiring that certain types of contracts be physically delivered to the offeree by midnight of the next day after they are made to be effective.

Uncertified Check

is a check that has not been verified or guaranteed by the bank upon which it is drawn, making its acceptance based on the account holder's standing and available funds.

Six Months Old

Describes something, such as a product, document, or animal, that has existed or has been in use for six months.

Point-of-Sale Systems

Hardware and software systems used at retail and hospitality businesses to process sales transactions.