What term is used for a contract where performance is not yet complete?

The term for a contract where performance is not yet complete is known as an executory contract. This type of contract involves obligations that are still outstanding and have not been fulfilled by one or both parties. In the context of real estate transactions, an executory contract might refer to a purchase agreement where the buyer has not yet taken possession of the property or paid the full purchase price.

In contrast, a fully executed contract is one where all parties have completed their obligations, and the terms of the agreement have been fully performed. An express contract is characterized by clearly stated terms, and a void contract is one that is not legally valid or enforceable from the moment it was created. Understanding the distinction between these terms is crucial for comprehension of contract law in real estate.