A contract in which some future act or obligation remains to be performed under its terms is known as a(n):
A) executed contract.
B) statutory contract.
C) contingent contract.
D) executory contract.

Question

Quizplus · Accepted Answer

An executory contract is one where some future act or obligation remains to be performed under its terms. It is the opposite of an executed contract, where all terms have been fulfilled, and the contract is in effect. A statutory contract involves obligations set forth by law, while a contingent contract depends on the occurrence of a future event.

A Contract in Which Some Future Act or Obligation Remains