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Executed vs. Executory Contracts: Definitions & Differences

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Mary decides that she wants to purchase a zippy new scooter so she visits Joe's Used Scooter Shop. After a lengthy discussion with his customer, Joe draws up an executory contract which Mary happily signs and becomes the proud new owner of a scooter. Which of the following situations BEST describes why an executory contract was used for the sale of the scooter?

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1. Penelope wants her curly locks to be straightened for her big date with Julio. She makes an appointment with New Look Hair Salon. After washing, drying, and ironing, Penelope's hair looks as straight as a pin! Thrilled with her new hairdo, she promptly pulls out her credit card and paid her bill. What type of contract did Penelope have with New Look Hair Salon?

2. Sheila rented a storefront for her business, Sheila's Schnauzers. She plans on renting for a period of one year. What will Sheila and the landlord sign?

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About This Quiz & Worksheet

Executed and executory contracts are two different types of agreements that you will most definitely encounter in real life, and this quiz and worksheet combo will help you test your understanding of these agreements. You'll be tested on real-life examples of these contracts and the differences between these two types of contracts on the quiz.

Quiz & Worksheet Goals

In these assessments, you'll be tested on the following:

  • Real world examples of contracts
  • Whether parties have entered into an executory or executed agreement
  • The differences between different kinds of contracts

Skills Practiced

This quiz and worksheet will allow you to test the following skills:

  • Reading comprehension - ensure that you draw the pertinent information on each of these types of contracts from the related lesson on executed and executory contracts
  • Critical thinking - apply relevant concepts to examine information about contracts in a different light
  • Interpreting information - verify that you can read information regarding these types of contracts and interpret it correctly
  • Distinguishing differences - compare and contrast topics from the lesson, such as executory versus executed contracts

Additional Learning

To learn more about executed and executory contracts, review the related lesson Executed vs. Executory Contracts: Definitions & Differences. This lesson covers the following objectives:

  • Define these two types of contracts
  • Differentiate between the two of them
  • Understand the scenarios in which you may encounter these types of contracts
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