Laura Bouyea authored "Executory Contracts and Unexpired Leases" in the Baltimore Barrister's spring 2019 edition. The following is an excerpt:
Executory contracts and unexpired leases are given special treatment under Section 365 of the Bankruptcy Code. The term "executory contractor" is not defined in the Bankruptcy Code, but the widely accepted "Countryman" definition states that an executory contract is "a contract under which the obligation of both the [debtor] and the other party to the contract are so far unperformed that the failure of either to complete performance would constitute a material breach excusing the performance of the other." In other words, an executory contract is a contract where both parties have ongoing, substantial obligations to perform.