Holiday Sales Company and Global Distributors,Inc.,enter into a contract for the delivery of imported specialty goods.Until the goods are delivered and paid for,these parties have
A)an executory contract.
B)no contract.
C)a quasi contract.
D)an informal contract.

Question

Quizplus · Accepted Answer

The description of the scenario suggests that a contract has been formed between Holiday Sales Company and Global Distributors, Inc. However, the goods have not yet been delivered or paid for, indicating that the contract is executory, meaning the obligations outlined in the contract have not yet been fulfilled by either party. Therefore, the correct answer is A - an executory contract.