What is the term for a contract that has not been fully performed by both parties?

The correct term for a contract that has not been fully performed by both parties is an executory contract. This type of contract is characterized by ongoing obligations and commitments from both sides, which means that certain duties or performances are yet to be completed. For example, in a real estate transaction, if the buyer has paid a portion of the purchase price but has not yet received the deed, or if the seller has not yet delivered the property, both parties have actions that remain outstanding, making the contract executory.

In contrast, an executed contract refers to an agreement in which all parties have fulfilled their contractual obligations, leading to a complete performance of the terms agreed upon. An exclusive listing pertains to a real estate agreement where a property owner grants one agent the exclusive right to sell the property, rather than a general term concerning contract performance. An estoppel agreement involves a legal principle that prevents someone from arguing something contrary to an established fact or action, often related to preventing one party from taking advantage of another due to inconsistencies in their previous actions or statements. Thus, the nature of an executory contract specifically defines it as one still in progress, whereas the other terms do not relate to the concept of unfulfilled obligations.