What Is an Executory Promise

An executory promise, also known as an executory contract, takes place when two parties agree to a certain set of terms and conditions that are to be fulfilled at some point in the future. … Many times, an executory promise is made between a debtor and the party from the whom the entity is borrowing money from.

What does executory mean in law?

Something (generally a contract) that has not yet been fully performed or completed and is therefore considered imperfect or unassured until its full execution. Anything executory is started and not yet finished or is in the process of being completed in order to take full effect at a future time.

What is executory consideration explain with examples?

Executory Consideration- this form of consideration occurs when there are promises exchanged to perform tasks at a later time. An example is a contract in which you promise to deliver items to another person at a later date and he promises to pay you when they are delivered.