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Simple English definitions for legal terms
executory
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A quick definition of executory:
Term: Executory
Definition: Executory means something that is not yet finished or completed. It refers to a contract or task that is still in progress and not fully executed. Once the task or requirement is completed, it is considered executed. For example, an executory contract is one where there are still outstanding obligations, while an executed contract is one where all parties have fulfilled their obligations. Other examples of executory terms include executory bequest, executory sentence, executory judgment, executory trust, and executory devise. In each case, some condition must be met or some act performed for the legal action to be executed.
A more thorough explanation:
Definition: Executory refers to something, usually a contract, that has not been fully performed or completed. It is considered incomplete until it is fully executed. Anything that is executory is in the process of being completed and will take full effect at a future time.
For example, an executory contract is a contract that has not yet been fully performed by all parties involved. Once all parties have fulfilled their obligations, the contract becomes an executed contract. Other examples of executory terms include executory bequest, executory sentence, executory judgment, executory trust, and executory devise. In each instance, some condition must be satisfied, or some act yet performed in order for the legal action to be executed.
Explanation: The term "executory" refers to something that is not yet complete or fully executed. It is often used in the context of contracts, where an executory contract is one that has not yet been fully performed by all parties involved. The examples provided illustrate how the term is used in different legal contexts, such as wills, trusts, and judgments. In each case, the legal action is not yet complete and requires some condition to be satisfied or some act to be performed before it can be executed.