Contracts
In Pennsylvania, an executory contract is one that:
AHas been fully performed by all parties
BHas been signed but not yet fully performed — obligations remain✓ Correct
CWas executed by an executor of an estate
DHas been voided by mutual consent
Explanation
An executory contract is one where the parties have signed but the contract is not yet complete — obligations remain to be performed (inspection, financing, closing). Between signing an Agreement of Sale and the actual closing, the contract is executory.
Related Pennsylvania Contracts Questions
- Which party to a Pennsylvania real estate transaction typically pays for the owner's title insurance policy?
- When a Pennsylvania buyer waives the home inspection contingency, the buyer is accepting:
- A Pennsylvania licensed attorney reviewing a real estate contract for their client cannot be disciplined by PREC because:
- In Pennsylvania, 'consideration' in a real estate contract can consist of:
- Under Pennsylvania contract law, earnest money deposited with a broker must be placed in an escrow account within:
- Under Pennsylvania's RELRA, for how long after a real estate transaction must a broker maintain copies of all transaction records?
- Pennsylvania's Statute of Frauds requires real estate contracts to be:
- Pennsylvania's home inspection contingency typically gives the buyer how many days to conduct an inspection after a fully executed agreement?
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →