What is an executory contract?

An executory contract is a contract where one or both of the parties involved have yet to fulfill their obligations. In other words, it is an agreement where something is yet to be done. In Mississippi, an executory contract is a legally binding agreement between two or more parties in which all parties have exchanged promises to perform some form of action in the future but none of them have fulfilled their obligations yet. Typically, one party has received something of value and, in exchange, promised to perform a certain action or provide a service. The other party has provided the benefit and is expecting the service in return. Executory contracts can be used in a variety of situations, such as leases, employment agreements, sales contracts, and other business deals. Each of these contracts are legally binding and if one party does not fulfill their end of the agreement, the other party may take legal action against them to recover any losses they have incurred.

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What is an executory contract?

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