Which term describes a contract that is currently in the process of being executed?

The term that describes a contract currently in the process of being executed is "Executory Contract." This refers to agreements where one or both parties still have obligations to fulfill as part of the contract. In this situation, certain conditions or actions have not yet been completed, meaning the contract is still in the process of being performed.

Executory contracts are commonly found in real estate transactions, such as when a buyer has made an offer on a property, and the seller has accepted it, but the final sale has not yet taken place. The contract is in the "executory" phase until all terms have been satisfied, resulting in the closing of the sale.

In contrast, an executed contract refers to an agreement where all parties have fulfilled their obligations, and the deal is complete. A bilateral contract is one where both parties make promises to each other, and a void contract is one that is not legally enforceable from the moment it is created. Understanding these distinctions is crucial for navigating real estate transactions effectively.