Rough Water LLC and Schafer enter into a contract for the delivery of a certain number of river rafts. Until the rafts are delivered and paid for, the parties have
A)an executory contract.
B)no contract.
C)a quasi contract.
D)an executed contract.

Question

Quizplus · Accepted Answer

An executory contract is one in which some future act or obligation remains to be performed according to its terms. Since the rafts have not yet been delivered and paid for, the contract between Rough Water LLC and Schafer is executory.

Rough Water LLC and Schafer Enter into a Contract for the Delivery