Legal Definitions - executory covenant

Definition: An executory covenant is a type of covenant that remains unperformed in whole or in part. It is a formal agreement or promise, usually in a contract, that has not yet been fulfilled.

Example: A real estate developer may make an executory covenant with a buyer to build a community center within a certain timeframe. Until the community center is built, the covenant remains executory.

This example illustrates how an executory covenant is a promise that has not yet been fulfilled. The real estate developer has made a commitment to build the community center, but until it is completed, the covenant remains executory.