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executory contract |
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executory contract A contract under which one or more parties has not yet completed their performance. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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2007-3, which provides guidance on whether the execution of a contract for services or insurance (an executory contract liability) establishes the "fact of the liability" under Sec. Examples: an executory contract is one in which all or part of the required performance has not been done; an executory bequest is a gift under a will which has not been distributed to the beneficiary. In his brief before the Supreme Court, the Secretary supported his claim that the United States was an indispensable party by arguing that the United States owned the project water rights, that the plaintiffs merely had executory contract claims to water, and that the relief they sought therefore amounted to specific performance of a contract with the United States. |
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