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Simple English definitions for legal terms
executory covenant
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A quick definition of executory covenant:
An executory covenant is a promise made in a contract that has not yet been fully performed. It is a type of agreement that requires one party to do something in the future. For example, an executory covenant in a real estate contract may require the buyer to make certain improvements to the property within a specified time frame. Until the covenant is fully performed, it remains an executory covenant.A more thorough explanation:
Definition: An executory covenant is a type of covenant that remains unperformed in whole or in part. It is a formal agreement or promise, usually in a contract, that has not yet been fulfilled.
Example: A real estate developer may make an executory covenant with a buyer to build a community center within a certain timeframe. Until the community center is built, the covenant remains executory.
This example illustrates how an executory covenant is a promise that has not yet been fulfilled. The real estate developer has made a commitment to build the community center, but until it is completed, the covenant remains executory.