Tate enters into a contract with Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage,repair a boat,and build a doghouse.If the doghouse has not yet been built,which term describes the type of contract in existence?
A) Quasi contract
B) Executed contract
C) Illusory contract
D) Executory contract

Question

Quizplus · Accepted Answer

An executory contract is a contract that has not yet been fully performed by both parties. In this scenario, the fact that the doghouse has not yet been built indicates that the contract is still in progress and not fully executed. Therefore, the best choice is D, executory contract.

Tate Enters into a Contract with Smith Under the Terms