PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
An executory contract is a valid agreement under which one or more parties still have material performance due, such as a purchase contract between acceptance and closing.
Contracts
Contract performance
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Executory contract mean?
An executory contract is a valid agreement under which one or more parties still have material performance due, such as a purchase contract between acceptance and closing.
How do you separate the nearest exam answer?
Executory means performance remains. Executed means all required performance is complete.
What changes or stays the same in Georgia?
Most Georgia purchase agreements are executory during due diligence, financing, title work, and the period before the attorney closing.
The parties have signed, but the buyer must obtain financing and pay while the seller must deliver marketable title at closing.
Executory does not mean defective, uncertain, or unenforceable. It describes performance status only.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
A Georgia buyer and seller have a binding purchase agreement. The buyer is in the due diligence period, and the attorney closing is three weeks away. What is the contract's status?
- A
Executed, because both parties have signed
- B
Unenforceable until the due diligence period ends
- C
Executory, because performance is still due
- D
Voidable by either party until closing
An executory contract is a valid agreement with material performance still due, such as payment and delivery of the deed at closing. Signing does not make it executed in the status sense. Executory describes timing only and does not mean the contract is weak or unenforceable.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Contracts complete lesson
https://www.passgeorgiarealestate.com/study-guide/contracts/classifications-and-status
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