What is the term for a contract that is not yet fully executed by all parties involved?

The term for a contract that is not yet fully executed by all parties involved is an executory contract. This type of contract includes rights and obligations that are still pending completion. In other words, it remains in effect until both parties fulfill their respective obligations outlined within the agreement.

For example, consider a scenario where a buyer has signed a purchase agreement for a home, but the seller has not yet signed it or the transaction has not yet closed. The contract is considered executory because there are outstanding actions that need to be completed for the contract to become fully executed.

This distinguishes it from an executed contract, which has been completely fulfilled by all parties involved, thereby fully carrying out the terms of the agreement. The concept of a void contract refers to an agreement that is unenforceable from the beginning, while a non-binding agreement implies that one or both parties do not have a legal obligation to adhere to its terms. Thus, the term "executory contract" accurately captures the essence of a contract that remains unfulfilled until all conditions are met by all parties.