Florida Real Estate Practice Exam

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In which of the following types of contracts has one or more of the contract's terms yet to be completed?

Bilateral contract
Executed contract
Executory contract
Unilateral contract

The correct answer is: Executory contract

An executory contract is a type of contract where one or more of the contract's terms have not yet been fulfilled. This means that there are still actions or obligations that need to be completed before the contract is considered fully executed or completed. Option A, a bilateral contract, refers to a contract where both parties have agreed to fulfill their obligations, so all terms have been completed. Option B, an executed contract, means that all terms have been completed and the contract is fully executed. Option D, a unilateral contract, is a type of contract where only one party is required to fulfill their obligation. Thus, all terms have been completed. Overall, the key factor in determining the correct answer is the presence of incomplete obligations or actions, which is present in an executory contract.