Contracts
In NJ, an 'executory contract' is one that:
AHas been signed by a corporate executive
BHas been entered into but not yet fully performed by all parties✓ Correct
CHas been fully performed by all parties
DHas been terminated by mutual consent
Explanation
An executory contract is one where contractual duties remain to be performed. A real estate purchase contract from the time it's signed until closing is executory, as both parties still have obligations to fulfill.
Related New Jersey Contracts Questions
- If a buyer defaults on a NJ real estate contract, the seller's most common contractual remedy is:
- In NJ, a 'back-up offer' is accepted by the seller when:
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- In NJ, the standard residential real estate contract used by most attorneys is based on the form prepared by:
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