Which term describes a contract that has not yet been fully performed by all parties?

The term that accurately describes a contract that has not yet been fully performed by all parties is "Executory Contract." This type of contract indicates that while the agreement has been made and some actions may have started, certain obligations remain unfulfilled by one or more parties involved.

Executory contracts are commonly seen in leases and sales agreements where certain duties, such as payment, delivery, or construction, still need to be completed. The essence of an executory contract is that it reflects a commitment that is still in the process of being executed, emphasizing that full performance has yet to occur.

In contrast, an executed contract refers to an agreement in which all parties have completed their respective obligations, making the contract fully performed and no longer executory. Bilateral contracts involve mutual promises between parties which may include executory agreements, but do not specifically denote performance status. Implied contracts are those that are not explicitly stated but are understood through actions or circumstances, which also do not inherently refer to the performance aspect of the contract.