What is an executory contract?

An executory contract is a type of contract in South Carolina that requires one or both parties to do something in the future. This type of contract is used to create a legally binding agreement in which one party promises to do something in exchange for something from the other party. An example of an executory contract in South Carolina would be a leases agreement between a tenant and landlord. The tenant agrees to pay rent on a certain date each month in exchange for the landlord agreeing to provide a place to live. Both parties have an obligation to the other in this executory contract. The tenant is expected to pay rent on time each month while the landlord is expected to provide a safe and habitable living space. If either party fails to fulfill their duties, then the contract may be considered invalid. Executory contracts can also be used to create legally binding employment agreements, sales agreements, and other types of contracts in South Carolina. Knowing when an executory contract is available and what it entails is essential for anyone wishing to do business in South Carolina.

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What is an executory contract?

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