LEASES AND EXECUTORY CONTRACTS

leases and executory contracts: Executory contracts are contracts where obligations are yet to be performed by both parties. The bankruptcy code gives special treatment to unexpired leases and executory contracts by allowing the debtor, in many cases, to choose whether it wants to continue with the agreement (assume) or terminate the agreement (reject).
A contract to sell goods where the goods have not yet been delivered is an executory contract.A contract for the sale of goods where the goods have been delivered and the receiving party has yet to pay, is not an executory contract. Most leases of personal property or real estate are executory contracts. A collective bargaining agreement is an executory contract and is given special treatment. (Bernstein's Dictionary of Bankruptcy Terminology)

leases and executory contracts: Executory contracts are contracts where obligations are yet to be performed by both parties. The bankruptcy code gives special treatment to unexpired leases and executory contracts by allowing the debtor, in many cases, to choose whether it wants to continue with the agreement (assume) or terminate the agreement (reject).A contract to sell goods where the goods have not yet been delivered is an executory contract. A contract for the sale of goods where the goods have been delivered and the receiving party has yet to pay, is not an executory contract. Most leases of personal property or real estate are executory contracts. A collective bargaining agreement is an executory contract and is given special treatment.