Executory refers to something which has not yet been finalized, performed, remains incomplete, or unaccomplished. It can also be explained with an example of a contract in which few or all of the required performances have not yet been done.
Other examples may include an executory bequest where a gift is still not distributed among the beneficiaries of a particular will. Similarly, a trust may also be executory when there is an additional act required by the trustees and it is not yet completed.