legal-terms
What is the type of a contract where one party of the contract promises to pay in the future?
<p>I'm searching for the name of a contract where one party of the contract promises to pay or perform in the future for monies, labor, goods, services etc. When Debtor receives what they want, all future repayments are null and void sort of like when Wimpy "will gladly pay you Tuesday for a hamburger today." I think the word begins with a p____ contract. It was used in the context of when a woman promises her partner something in the future for something now.</p>

<p>An "<a href="https://en.wikipedia.org/wiki/Executory_contract" rel="nofollow noreferrer">executory contract</a>" is a contract under which not all obligations arising under it have been performed, which seems to fit this definition. In bankruptcy, executory contracts may be either affirmed, in which case both the bankrupt and the counterparty must continue to perform according to its terms, or rejected, in which case the contract is treated as breached and the counterparty has a claim for breach of contract money damages in the bankruptcy together with all other creditors.</p>

<p>When a promise is made but is not supported by any consideration other than the other party's reliance, a suit to enforce the promise is called "promissory estoppel" rather than "breach of contract".</p>

<p>Less likely possibilities are a "parol contract" which is a contract that is oral rather than in writing, or a "pre-contract" which is which is an agreement not to enter into a contract with anyone else until negotiations on the current contract are complete, or a "personal contract" which cannot be assigned (such as a contract for personal services).</p>

<p>(Definitions are paraphrased from Black's Law Dictionary, 5th ed. 1979. entry on "contract").</p>

<p>That's just called a promise. The adjectival form would be "promissory."</p>

<p>But you wouldn't refer to that as a "promissory contract." You'd call it a "promise to pay" or refer to the contract's "promissory terms."</p>
