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부동산

Real Estate Law 33

2019.05.08 13:35 Views : 98

Check Your Understanding Answers

  1. Define executed contract.

    An executed contract is one that has been fully performed and fulfilled: neither party bears any further obligation.
     
  2. Explain executory contract and give one example.

    An executory contract is one in which performance is yet to be completed. A sales contract prior to closing is an example of an executory contract.
     
  3. When all the requirements of an executory contract have taken place, the contract becomes what?

    An executed contract
     
  4. How can contract interpretation issues be avoided?

    Contracts should always be in writing, terms or phrases that could have more than one meaning should be clearly defined, and parties to a contract should review the contract closely before signing.
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