An Executory Bilateral Contract is a mutual agreement between two or more parties for the exchange of goods and services. Both parties to the contract commit to fulfill their obligations, such as providing certain products or services in exchange for payment, at a specified time in the future. In other words, an executory bilateral contract is an agreement between two parties in which each pledges to provide something of value in exchange for something else of value. The parties may be individuals, corporations, government entities, or any other type of legal entity. It’s important to note that while one party may have already provided some portion of what they are owed under the contract, neither party has yet fulfilled their entire obligation – hence the term “executory”.