What is the legal description for a contract where one party has completed performance and the other has yet to do so?

The legal description for a contract where one party has completed their performance while the other party has not is classified as "executory." In this context, an executory contract refers to an agreement in which some future obligations remain to be performed by one or both parties. The performance of one party being completed suggests that the obligations of that party have been fulfilled; however, the remaining obligations indicate that the contract is not fully executed at this point.

Understanding the term "executory" is essential because it highlights the ongoing nature of obligations within a contract. In contrast, in an executed contract, all parties have completed their respective performances, and no further obligations remain. The terminology in this area is critical for distinguishing the status of contractual obligations at any given moment. Partially executed might seem relevant, but it typically requires that both parties have completed part of their obligations, rather than one party being entirely finished while the other is not. A unilateral contract, on the other hand, refers to a promise made by one party that can be accepted only by the performance of an act by the other party, which is not applicable in this scenario.