Extent of performance

Contracts can be classified as either executed or executory, according to whether or not they have been completed. Many contracts are performed almost immediately; others require days, months, or years to complete. Many life insurance contracts are not completed for decades.

Executed contracts. An executed contract is one that has been fully performed. Both parties have done all they promised to do.

Executory contracts. An executory contract is one that has not been fully performed. Something as agreed upon remains to be done by one or both of the parties.

Vocabulary

real property недвижимость

assignee 1) правопреемник; 2) цессионарий;

3) уполномоченный; агент; назначенное лицо

valid contract законный контракт

voidable contract оспоримый договор

void contract недействительный договор

express contract положительно выраженный договор

contract under seal договор за печатью

implied contract договор на основе конклюдентных действий; подразумеваемый договор

quasi contract [‘кwa:zi] частичный контракт

formal contract оформленный договор; формальный договор