executory contracts

  • Contracts or leases under which both parties to the agreement have duties remaining to be performed. If a contract or lease is executory, a debtor may assume it (keep the contract) or reject it (terminate the contract).

    United States Court of Appeals for the Ninth Circuit 1

1United States Court of Appeals for the Ninth Circuit, Commonly Used Terms - U.S. Courts, http://­www.ca9.uscourts.gov/­content/­view.php?pk_id=0000000237 (last accessed May 28, 2009).