Barette and Julianna agree in writing to buy and sell a piece of property. All the terms are completed except that Julianna has not paid the required $50,000 purchase price. What type of contract is this?
A) Executed and implied
B) Formal and executory
C) Informal and executed
D) Formal and executed
E) Informal and executory

Question

Quizplus · Accepted Answer

This is a formal and executory contract. It is formal because it is in writing, and it is executory because not all terms have been fully performed (Julianna has not paid the $50,000 purchase price).

Barette and Julianna Agree in Writing to Buy and Sell