executory contract or lease
executory contract or lease
Generally includes contracts or leases under which both parties to the agreement have duties remaining to be performed. (If a contract or lease is executory, a debtor may assume it or reject it.) (BankruptcyAction.com)

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

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  • executory contract — a contract in which some or all of the obligations of each party have not yet been completed. The debtor in possession (or trustee) is allowed to reject unilaterally certain executory contracts (Glossary of Common Bankruptcy Terms) see leases and …   Glossary of Bankruptcy

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