What is a contract that has not yet been fully performed by one or more parties called?

A contract that has not yet been fully performed by one or more parties is referred to as an executory contract. This term highlights that certain obligations or actions remain to be completed according to the agreement. For example, if one party has delivered goods but not received payment, or if a service is agreed upon but not yet rendered, the contract is considered executory.

In contrast, an executed contract is one where all parties have fulfilled their obligations, and no further actions are required. A formal contract typically refers to contracts that meet specific legal formalities, such as being in writing or notarized, while an informal contract might not meet these legal requirements but can still be enforceable under certain conditions. Understanding the differences among these terms is essential as they determine the current status and enforceability of contracts in various business scenarios.