Contracts
What is the difference between an executed and an executory contract?
AAn executed contract is signed; executory is unsigned
BAn executed contract has all obligations fully performed; an executory contract has obligations still to be performed✓ Correct
CExecutory contracts are illegal in Ohio
DAn executed contract requires notarization
Explanation
An executed contract has been fully performed by all parties. An executory contract has outstanding obligations yet to be performed. A real estate purchase contract from signing to closing is executory; it becomes fully executed at closing.
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