In Colorado, what does it mean when a contract is 'executed' versus 'executory'?
Why B. An executory contract is one where performance is still outstanding; an executed contract is one where all parties have fully performed their obligations Is Correct
Answer B: B. An executory contract is one where performance is still outstanding; an executed contract is one where all parties have fully performed their obligations
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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