Final answer:
An 'executory contract' is a contract where one or more parties still need to perform some actions to fulfill the terms. It contrasts with an 'executed contract', where all terms have been fully performed.
Step-by-step explanation:
The term used to describe a contract that still requires some action by one or more of the parties involved is an executory contract. This type of contract is essentially one that has been established and is valid, but whose terms have not yet been fully performed or fulfilled by the parties. In contrast, an executed contract is one in which all involved parties have fulfilled their contractual obligations. It's important to note that until the required performance is completed, the contract remains executory and each party can still be held to their promises.
The term used to describe a contract that still requires some action by one or more of the parties involved is executory contract. An executory contract is a legally binding agreement in which one or more parties have not yet fulfilled their obligations. For example, if Party A agrees to sell a car to Party B but has not yet delivered the car, the contract is considered executory until the car is delivered.