Rough Water LLC and Schafer enter into a contract for the delivery of a used fishing boat. Until the boat is delivered and paid for, these parties have
A) an executory contract.
B) no contract.
C) a quasi contract.
D) an executed contract.

Question

Quizplus · Accepted Answer

An executory contract is a contract in which one or more parties have obligations that have not yet been fulfilled. In this case, Rough Water LLC and Schafer have agreed to deliver and pay for a used fishing boat, but until the boat is delivered and paid for, their contractual obligations remain executory.

Rough Water LLC and Schafer Enter into a Contract for the Delivery