Contracts
What is the difference between an executed contract and an executory contract in Iowa real estate?
AAn executed contract has been fully performed; an executory contract has future obligations remaining✓ Correct
BAn executed contract is signed only by one party; executory by both
CAn executed contract is court-approved; executory is private
DAn executed contract involves cash; executory involves financing
Explanation
An executed contract has been fully performed by all parties. An executory contract has obligations yet to be completed—most purchase agreements are executory from acceptance until closing.
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