Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at the asking price if Jenny installs a new roof. Until these conditions are met, the contract is said to be:

Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at the asking price if Jenny installs a new roof. Until these conditions are met, the contract is said to be:

• A. Executed
• B. Executory
• C. Recinded
• D. Voidable

Answer: (B)

The situation describes a contract that has conditions that must be fulfilled before it is fully enforceable. This is characterized as an executory contract. In an executory contract, one or both parties have not yet fulfilled their obligations. In this case, Adam's obligation to purchase the house is contingent upon Jenny completing the installation of a new roof. Until that condition is satisfied, neither party has fully executed their parts of the agreement. An executed contract, on the other hand, would imply that both parties have fully performed their obligations, which is not the case here. A rescinded contract refers to one that has been canceled by mutual agreement, and a voidable contract is one that may be declared void at the option of one of the parties involved, typically due to issues like misrepresentation or duress. However, the current arrangement remains valid pending the completion of conditions, falling squarely within the notion of executory status.

The situation describes a contract that has conditions that must be fulfilled before it is fully enforceable. This is characterized as an executory contract. In an executory contract, one or both parties have not yet fulfilled their obligations. In this case, Adam's obligation to purchase the house is contingent upon Jenny completing the installation of a new roof. Until that condition is satisfied, neither party has fully executed their parts of the agreement.

An executed contract, on the other hand, would imply that both parties have fully performed their obligations, which is not the case here. A rescinded contract refers to one that has been canceled by mutual agreement, and a voidable contract is one that may be declared void at the option of one of the parties involved, typically due to issues like misrepresentation or duress. However, the current arrangement remains valid pending the completion of conditions, falling squarely within the notion of executory status.