An executory covenant refers to a commitment made in a contract that is still pending completion. It is an agreement that obligates one party to fulfil certain actions at a later date. For instance, in a real estate contract, an executory covenant may stipulate that the buyer must carry out specific enhancements to the property within a designated timeframe. As long as the covenant remains unfulfiled, it retains its executory status.
An executory covenant is a formal agreement or promise, often found in a contract, that has not been fully performed. For example, a real estate developer may promise to build a community center within a specific timeframe as part of an executory covenant with a buyer. Until the community center is constructed, the covenant remains executory, indicating that the promise has not yet been fulfiled. This demonstrates how an executory covenant represents a commitment that has not been completed.
An executory covenant is a legal agreement between two parties that requires one party to perform certain actions or obligations in the future.
Executory covenants can include various obligations, such as payment of rent, maintenance of property, performance of services, or adherence to specific terms and conditions.
Yes, an executory covenant can be modified or terminated if both parties agree to the changes and formalize them through a written agreement.
If one party fails to fulfill their obligations, the other party may have legal remedies available, such as seeking damages, specific performance, or termination of the agreement.
Yes, an executory covenant can be enforced in court if one party breaches the agreement and the other party seeks legal action to enforce their rights.
Yes, there may be limitations on the enforceability of executory covenants, such as if the covenant is deemed unconscionable, illegal, or against public policy.
In some cases, an executory covenant can be assigned to another party if the original agreement allows for assignment or if both parties agree to the assignment.
Bankruptcy can have implications on executory covenants. In some cases, the bankruptcy court may allow the debtor to assume or reject the covenant, depending on the circumstances.
Generally, an executory covenant cannot be modified without the consent of both parties. However, there may be exceptions if the original agreement allows for unilateral modification under certain circumstances.
The duration of an executory covenant depends on the terms specified in the agreement. It can be for a specific period, until certain conditions are met, or until the agreement is terminated by either party.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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