Contracts
Which of the following is an example of an executory contract?
AA deed that has been delivered and accepted
BA purchase and sale agreement where closing has not yet occurred✓ Correct
CA lease that has expired
DA mortgage that has been paid in full
Explanation
An executory contract is one in which obligations remain to be performed by one or both parties. A signed purchase agreement where closing has not yet taken place is executory — the buyer must pay, the seller must convey.
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