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

The legal term for a contract that has not been fully performed by both parties is identified as an executory contract. This type of contract is characterized by the fact that some or all of the obligations outlined within it remain unfulfilled. In such scenarios, one or both parties are still required to perform certain actions or duties as agreed upon in the contract.

For instance, if a contract involves the sale of goods where the seller has delivered them, but the buyer has not paid yet, the contract would be considered executory because not all duties have been completed. The term is essential in discussions of contract law, as it applies to numerous legal contexts where parties are still in the process of fulfilling their contractual obligations.

In contrast, a void contract is one that is not legally enforceable from the moment it is created, typically due to the lack of lawful purpose or agreements. A bill of sale, on the other hand, is a specific document that formalizes the transfer of ownership of goods. Lastly, an enforceable contract is one that is legally binding and can be upheld in court, but this term applies to contracts that are completed and executed rather than those still in progress.