Executory vs Executed Contracts

The video tutorial explains the difference between executed and executory contracts. An executed contract is one where all material duties have been fulfilled, while an executory contract has outstanding material obligations. The tutorial provides an example of a house-building contract to illustrate these concepts, highlighting that minor unfulfilled details do not necessarily constitute a breach if the main obligations are met. It also discusses potential legal actions for minor unfulfilled details and the conditions under which a contract remains executory.

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