What is the meaning of “executory contract”?

An executory contract is a legal term used to describe a contract that has not yet been fully performed by either party. It is a contract in which both parties still owe some performance. For example, an executory contract could be a purchase agreement in which one party has yet to deliver the goods and the other party has yet to pay for them. In New Hampshire, creditors’ rights law applies to executory contracts. This means that a creditor has certain rights in regards to an executory contract to which they are a party. The details of these rights are generally laid out in the contract itself. Generally, a creditor may have the right to terminate the contract, alter or modify the terms of the contract, or to enforce the terms according to the contract. In New Hampshire, if a creditor believes that the debtor is in breach of an executory contract, then the creditor can seek the assistance of the court to have the contract enforced as per the terms set out in the contract. The court can order the debtor to perform the obligations of the contract, or the court can grant the creditor damages or compensation to replace the damages caused by the debtor’s breach. Executory contracts are an important part of the legal system in New Hampshire, and it is important to understand the rights and obligations of creditors with respect to such contracts.

Related FAQs

What is the meaning of “fraudulent transfer”?
What is a judgment lien?
What is a reaffirmation agreement?
What are the different types of creditors?
What is a foreclosure action?
What is the meaning of “priority debt”?
What are the remedies available to creditors when a debtor fails to pay a debt?
What is the meaning of a “creditor”?
What is a setoff action?
What is a discharge in bankruptcy?

What is the meaning of “executory contract”?

Related FAQs

Related Blog Posts