Contracts
An 'executory contract' in NC real estate is one that:
AHas been fully performed by all parties
BHas been signed but not yet fully performed✓ Correct
CHas been terminated
DWas written but never signed
Explanation
An executory contract is one that has been entered into (signed) but where one or more parties still has obligations remaining to be performed — such as a purchase contract pending closing.
Related North Carolina Contracts Questions
- Under the NC Offer to Purchase, if a buyer terminates AFTER the due diligence period without a valid contractual reason, what happens to the earnest money deposit?
- In NC, a seller's disclosure of property condition is made using the:
- Under the North Carolina Offer to Purchase, the earnest money deposit (EMD) is:
- Under NC contract law, 'rescission' of a contract restores the parties to:
- Under the NC Offer to Purchase, 'earnest money' serves primarily as:
- A NC real estate contract becomes 'binding' when:
- A NC seller who accepts two offers on the same property (without backup offer provisions) and attempts to close with both buyers has committed:
- In NC, the standard Offer to Purchase specifies that risk of loss if the property is damaged before closing falls upon:
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