ContractsTypes_of_contractsMEDIUM
A purchase agreement has been signed, but the inspection period is ongoing and closing has not yet occurred. What is the status of that contract?
Correct Answer
B) Executory contract
Executory contract is correct because the facts match a contract in which one or more parties still have duties left to perform. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
Express contractB
Executory contractC
Implied contractD
Void contractWhy This Is the Correct Answer
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Deep Analysis of This Contracts Question
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Background Knowledge for Contracts
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Real World Application in Contracts
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Related Topics & Key Terms
Key Terms:
types_of_contractscontractsexecutory_contractcontract_status
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