Contracts
What is the significance of an Idaho real estate contract being 'executory' vs. 'executed'?
AAn executed contract has been fully performed; an executory contract has obligations still to be performed✓ Correct
BAn executed contract has been notarized; executory means it has been filed with IREC
CThey are the same legal concept
DAn executory contract is void; an executed contract is valid
Explanation
A real estate purchase contract is executory from signing until closing — both parties have obligations yet to be performed. At closing, when the deed is delivered and funds exchanged, the contract becomes executed (fully performed).
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