Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
An executory contract means any contract between two or more parties, where there are ongoing and unperformed responsibilities remaining on two sides, or where they have continuing legal responsibilities or obligations over a particular duration. This pertains to leasing/selling goods/services, where the same has not yet been delivered or been paid for. The contract is not of this category if the same has been delivered although without payment till now.
Executory contracts are often observed in the real estate sector. They indicate how the promises made in a contract are not completely performed till now and are subject to the passage of time and other factors. Take a lease for an apartment for instance. Whenever you get into any lease agreement, then you are essentially promising the rental payment for a certain duration.
