executory

Executory is an adjective used in law and other domains to denote acts, contracts, or obligations that are to be performed in the future rather than completed at present. In legal usage, an executory agreement is a contract under which one or both parties have not yet fulfilled their obligations; the contract is not yet fully performed, or its key terms remain to be carried out. The opposite is an executed or fully performed contract.

In contract law, typical examples of executory contracts include sales agreements for goods to be delivered in the future, service contracts that will require ongoing performance, leases with future rent obligations, and employment agreements with duties to be performed over time. The status of such contracts can affect risk, transfer, and enforcement; for instance, in bankruptcy or insolvency proceedings, executory contracts may be assumed, rejected, or renegotiated.

In property law, the term appears in references to executory interests—future interests that will become possessory upon the occurrence of a specified event or the termination of a preceding estate. The term also appears in general discussions of ongoing obligations within estates, trusts, or leases.

The usage of executory varies by jurisdiction and practice area, but the core concept remains the same: it describes obligations or events that are to be carried out in the future rather than presently completed.