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Executory |
Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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That which is yet to be fully executed or performed; that which remains to be carried into operation or effect; incomplete; depending upon a future performance or event. The opposite of executed. executory adj. something not yet performed or done. Examples: an executory contract is one in which all or part of the required performance has not been done; an executory bequest is a gift under a will which has not been distributed to the beneficiary. EXECUTORY. Whatever may be executed; as an executory sentence or judgment, an executory contract. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The general cited specific examples used at Tinker in both the preparatory and executory phases. The employees retained legal title to the property; there was no intention to transfer ownership; the sales contracts were executory in nature, only executed if the property were not sold to a third party within a year; and the employee received any profits beyond the original contract price. FASB plans to spend the rest of this summer assessing several key issues: defining when contract performance has occurred, identifying a unit of account for partially executory revenue contracts, determining when performance obligations should be measured for nonperformance-related events, considering the measurement of contract assets and discussing a revised definition of revenue and how to distinguish revenue from other components of comprehensive income. |
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