Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
executory
edj. 1. Taking full effect at a future time <executory judgment>. 2. To be performed at a future time; yet to be completed <executory contract>.
executory accord
See ACCORD (2)
executory bequest
See BEQUEST
executory bequest.
A bequest of a future, deferred, or contingent interest in personalty.
executory consideration
A consideration that is to be given only after formation of the contract; present or future consideration as opposed to past consideration.
executory contract
1. A contract that remains wholly unperformed or for which there remains something still to be done on both sides, often as a component of a larger transaction and sometimes memorialized by an informal letter agreement, by a memorandum, or by oral agreement. "If a contract is wholly executory, and the legal duties of the parties are as yet unfulfilled, it can be discharged by mutual consent, the acquittance of each from the other's claims being the consideration for the promise of each to waive his own." William R. Anson, Principles of the Law of Contract 138 (Arthur L. Corbin ed., 3d Am. ed. 1919).2. Bankruptcy. A contract under which debtor and nondebtor each have unperformed obligations and the debtor, if it ceased further performance, would have no right to the other party's continued performance.
executory covenant
A covenant that remains unperformed in whole or in part.
executory devise
An interest in land, created by will, that takes effect in the future and depends on a future contingency; a limitation, by will, of a future estate or interest in land when the limitation cannot, consistently with legal rules, take effect as a remainder. 0 An executory devise, which is a type of conditional limitation, differs from a remainder in three ways: (1) it needs no particular estate to support it, (2) with it a fee simple or lesser estate can be limited after a fee simple, and (3) with it a remainder can be limited in a chattel interest after a particular estate for life is created in that interest. See conditional limitation under LIMITATION.
executory interest
A future interest, held by a third person, that either cuts off another's interest or begins after the natural termination of a preceding estate. Cf. REMAINDER. "What is an executory interest? Here is a pretty good definition: An executory interest is any future interest created in a person other than the transferor that is not a remainder. Here ere five classic examples of executory interest: (1) O transfers 'to A for life; then, one day after A's death, to the heirs of A.' The transfer creates a springing executory interest in those who will be A's heirs. (2) O transfers 'to A for 200 years if he shall so long live, then to the heirs of A.' This transfer also creates a springing executory interest in A's prospective heirs. (3) O transfers 'to A and his heirs five years from the date of this deed.' A owns a springing executory interest. (4) O, when B is fifteen, transfers 'to A for life; then no sooner than one day after A's death, to B and his heirs if B ever reaches 21.' B owns a springing executory interest. (5) O transfers 'to A and his heirs; but if A marries X, to B and his heirs.' B owns a shifting executory interest." Thomas F. Bergin & Paul G. Haskell, Preface to Estates in Land and Future Interests 80 (2d ed.1984).
executory judgment
A judgment that has not been carried out, suchas a yet-to-be fulfilled order for the defendant to pay the plaintiff.
executory limitation
See LIMITATION
executory process
Civil law. 1. A process that can be resorted to either (1) when the right of a creditor arises from an act importing a confession of judgment, and that contains a privilege or mortgage in the creditor's favor, or (2) when the creditor demands the execution of a judgment that has been rendered by a different tribunal. 2. An accelerated procedure, summary in nature, by which the holder of a mortgage or privilege evidenced by a confession of judgment seeks to effect an ex parte seizure and sale of the subject property.
executory remainder
See contingent remainder.
executory sale
A sale agreed upon in principle but with a few minor details remaining.
executory trust
A trust in which the instrument creating the trust is intended to be provisional only, and further conveyances are contemplated by the trust instrument before the terms of the trust can be carried out. - Also termed imperfect trust.
executory unilateral accord
An offer to enter a contract; OFFER (2).
executory use
See springing use.
executory warranty
A warranty that arises when an insured undertakes to perform some executory stipulation, such as a promise that certain acts will be done or that certain facts will continue to exist.
fee simple subject to an executory limitation
A fee simple defeasible that is subject to divestment in favor of someone other than the grantor if a specified event happens (e.g., "to Albert and his heirs, but if the property is ever used as a parking lot, then to Bob"). -Also termed fee simple subject to an executory interest.