The correct answer is: A. Executory Contract
A contract is an agreement between two or more parties that creates an obligation to do or not do something. A contract can be executory or executed. An executory contract is a contract in which both parties have yet to fulfill their obligations. An executed contract is a contract in which all parties have fulfilled their obligations.
A sale under the Sale of Goods Act, 1930 is an executory contract. This is because, under the Act, a sale is not complete until the goods have been delivered and the price has been paid. Until this happens, both the buyer and the seller have obligations to fulfill. The buyer has to pay the price, and the seller has to deliver the goods.
Here is a brief explanation of each option:
- Executory Contract: A contract in which both parties have yet to fulfill their obligations.
- Executable Contract: A contract that is not yet binding, but can be made binding by the performance of one or both parties.
- Executed Contract: A contract in which all parties have fulfilled their obligations.
- Any of the above contracts: This option is not correct because a sale under the Sale of Goods Act, 1930 is an executory contract.