Executory
/ɪɡˈzɛkjʊtəri/
Definitions
- (adj.) Referring to contracts or obligations dependent on future events or conditions to be performed.
An executory contract requires ongoing duties from one or both parties until it is fully performed.
- (adj.) Describing interests or rights in property that will become possessory or enforceable only upon the occurrence of a later event.
An executory interest in the deed will vest if certain conditions are fulfilled.
Related terms
See also
Commentary
Used primarily to describe contracts or property interests not fully performed or vested; important to distinguish from executed (fully performed) contracts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.