An executed contract has been carried out, an executory is acontract between a debtor and another person where both parties still have important performance remaining. John T. 10 a.m. class
At what point though is the executory contract able to be revoked though? Or say it's almost over and both parties are cool with bailing... would you have to complete it and then make a new contract to fix the difference? or is it just kind of a case by case?
If there is justifiable mistakes made between both parties then a contract may be revoked post acceptance. For the most part though it varies case by case. Justin W/ 11-11:50
9 comments:
What is the difference between an Executory and Executed contract?
An executed contract has been carried out, an executory is acontract between a debtor and another person where both parties still have important performance remaining.
John T. 10 a.m. class
Executory is not just between debtors but, any parties where both parties still have important performance duties remaining.
ME/10&11
At what point though is the executory contract able to be revoked though? Or say it's almost over and both parties are cool with bailing... would you have to complete it and then make a new contract to fix the difference? or is it just kind of a case by case?
If there is justifiable mistakes made between both parties then a contract may be revoked post acceptance. For the most part though it varies case by case.
Justin W/ 11-11:50
Justin Yes the mistaken agreement contact can be voidable on either party if they both make mistakes. ME
At what point does the seller have the right to withhold delivery of the good to the buyer?
Rich 10:00 class
When the buyer has indicated they aren't going to pay, Anticipatory Repudiation, or when they don't pay.ME10/11
Ucc too hard ME10/11
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