What describes a contract that has obligations yet to be fulfilled?

A contract that has obligations yet to be fulfilled is best described as an executory contract. This type of contract involves promises that are still in the process of being performed. For example, if one party has agreed to perform a service and has not yet completed that service, while the other party is expected to pay for that service upon its completion, the contract between them is considered executory.

In contrast, an executed contract refers to a situation where all parties have fulfilled their obligations, meaning everything required by the contract has been completed. A unilateral contract involves only one party making a promise in exchange for the act of another party, which may lead to confusion about obligations. An express contract is one that is clearly stated, whether verbally or in writing, but does not specify the fulfillment status of the obligations involved. Thus, the term "executory" accurately captures the essence of a contract that is still in the fulfillment stage.