Which statement best describes a contract that has not yet been fully performed in a real estate transaction?

• A. Unilateral contract
• B. Executed contract
• C. Executory contract
• D. Formal contract

Answer: (C)

In real estate, a contract that hasn’t been fully carried out yet is described as executory. That means there are remaining duties to complete—financing arrangements, title clearance, inspections, disclosures, or the closing itself. Only after all these obligations are fulfilled does the contract become executed (fully performed). A unilateral contract describes a promise by one party in exchange for an act by the other, not the stage of performance. A formal contract refers to formalities, not how much has been completed. An executed contract would mean everything has been done.