Contracts
A contract that is 'executory' is one that:
AHas been fully performed by all parties
BIs still in the process of being performed — not yet complete✓ Correct
CWas signed by an executor of an estate
DHas been cancelled by court order
Explanation
An executory contract is one where performance is still pending — the terms have not been fully carried out by one or both parties. Most purchase agreements are executory from signing until the close of escrow, when the contract becomes executed.
Related California Contracts Questions
- An 'as-is' clause in a purchase contract means:
- When a buyer makes an offer and the seller counters with different terms, the original offer is:
- In an exclusive right to sell listing, the listing broker earns a commission if:
- A seller accepts a buyer's offer on a home. Before escrow closes, the seller receives a significantly higher offer. The seller may:
- Which type of contract listing gives the broker a commission only if the broker personally finds the buyer?
- Rescission of a contract means:
- Which of the following is NOT a required element of a valid contract?
- Which element is NOT required for a valid real estate contract in California?
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