Executed and executory sales

An executed sale is one which is final and complete in all its particulars and details, nothing remaining to be done by either party to effect an absolute transfer of the subject-matter of the sale. An executory sale is an incompleted sale; one which has been definitely agreed on as to terms and conditions, but which has not yet been carried into full effect in respect to some of its terms or details, as where it remains to determine the price, quantity, or identity of the thing sold, or to pay installments of purchase-money, or to effect a delivery. See McFadden v. Henderson, 128 Ala. 221, 29 South. 640; Fogel v. Brubaker, l22 Pa. 7, 15 Atl. 692; Smith v. Barron Co.unty Sup'rs, 44 Wis. 691.

Defined under Sale in Black's Law Dictionary.