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executory

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Hutchinson 0.02 sec.

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 adjective contingent, imperfectus, not yet carried into operation, unaccomplished, uncompleted, unfinished, unperformed
Associated concepts: executory accord, executory bequest, executory consideration, executory contract, executory deeise, executory estate, executory gift, executory instruuent, executory interest, executory limitation, executory remainder, executory treaty, executory trust

EXECUTORY. Whatever may be executed; as an executory sentence or judgment, an executory contract.



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Among the initial documents that surface are the voluntary or involuntary bankruptcy petition; statement of financial affairs; and the schedules of assets and liabilities, current income and expenditures, plus unexpired leases and executory contracts (contracts between the debtor and another party in which both sides have to perform--i.
In simple terms, executory contracts are agreements that have not yet been completely performed.
Specifically, the amendments to the code: increase the control that franchisors can exert over the assumption of their executory franchise agreements; and shorten the time in which the franchisee debtor may assume certain real property leases.
 
 
 
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