What describes a contract that has not been fully executed?

A contract that has not been fully executed is referred to as an executory contract. This type of contract involves obligations on one or both parties that have yet to be fulfilled. For example, in a real estate purchase agreement, the buyer may have paid a deposit and is in the process of obtaining financing, while the seller is expected to transfer ownership at a later date. Until all terms are satisfied—such as the buyer completing payment and the seller delivering the title—the contract remains executory.

This concept is pivotal in many fields, including mortuary science, where agreements may involve multiple steps and considerations over time. Understanding executory contracts helps professionals navigate obligations and ensure that all legal and ethical aspects of transactions are managed effectively.