Contracts
When a buyer and seller have signed a purchase agreement, the contract is classified as:
AExecuted, because both parties have signed
BExecutory, because performance obligations remain outstanding✓ Correct
CBilateral and void until earnest money is deposited
DUnilateral until the seller performs by delivering the deed
Explanation
A purchase agreement is an executory contract — both parties have signed (executed the document), but the primary performance obligations (delivering clear title, paying the purchase price, closing) have not yet been fulfilled. Once all obligations are performed at closing, the contract becomes fully executed.
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