Executory definitions
| Word backwards | yrotucexe |
|---|---|
| Part of speech | adjective |
| Syllabic division | ex-e-cu-to-ry |
| Plural | The plural of the word executory is executories. |
| Total letters | 9 |
| Vogais (3) | e,u,o |
| Consonants (5) | x,c,t,r,y |
Executory refers to a contract or agreement that has not been fully performed by either party involved. In other words, it is an ongoing contract where obligations are still to be fulfilled by one or both parties. This term is commonly used in legal contexts to describe agreements that have not been completed.
When a contract is deemed executory, it means that certain actions or tasks outlined in the agreement have not yet been carried out. This could involve payments that are still outstanding, services that have not been rendered, or other specific obligations that have not been met.
Legal Implications of Executory Contracts
Executory contracts hold legal significance as they outline the responsibilities of each party involved and establish the terms of the agreement. In the event of a dispute or breach of contract, the executory nature of the agreement can impact how the situation is resolved.
Bankruptcy and Executory Contracts
In bankruptcy cases, executory contracts play a crucial role in determining how assets are handled and debts are settled. The bankruptcy court may choose to either assume or reject executory contracts based on their potential viability and impact on the overall bankruptcy proceedings.
Overall, understanding the concept of executory contracts is essential for individuals and businesses entering into agreements to ensure clarity and compliance with legal requirements. By clearly outlining the obligations and responsibilities of each party, potential issues and disputes can be minimized, leading to smoother and more successful business relationships.
Executory Examples
- The executory contract was signed by both parties.
- The executory function of the program is still being implemented.
- The executory clause in the agreement may need to be revised.
- The executory process requires careful planning and execution.
- The executory power granted to the board allows for swift decision-making.
- The executory period for the project is estimated to be three months.
- The executory duties outlined in the job description are to be carried out diligently.
- The executory order was issued by the court to halt the foreclosure process.
- The executory nature of the task means it must be completed within a specific timeframe.
- The executory provision of the contract dictates how disputes will be resolved.