Texas Schedule G: Executory Contracts and Unexpired Leases (individuals)
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Form Number: B 106I. Category: Individual Debtors. Effective onDecember 1, 2015. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
A lease to which the debtor is a party and whose term has not expired. A debtor may assume, or assume and assign, only those leases that are unexpired.
What are ?executory contracts? and ?unexpired leases?? An executory contract is a contract where both parties still have important things to do. An equipment lease is an executory contract. An unexpired lease is a lease that is ongoing like a car or truck lease or an apartment lease.
An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining. However, an obligation to pay money, even if such obligation is material, does not usually make a contract executory.
Now even in executory contracts, there are two types, namely unilateral and bilateral contracts.
An executory contract is an ongoing agreement between two parties who are responsible for completing certain obligations over a set period of time. They are written agreements that ensure each party is clear about their own and the other's responsibilities.