Peters entered into a contract to purchase Dowling’s business. The following terms were agreed to: 

(a) Peters would take over all of Dowling’s executory contracts, 

(b) Peters would purchase Dowling’s tools at an agreed-to price, 

(c) Peters would accept full responsibility for all warranties made by Dowling on previous contracts, and

(d) Dowling would remain as a consultant to the new firm for a period of five years. Analyze each part of this contract and classify each term according to whether it is executed or executory. Wagstaff v. Peters, 453 P.2d 120 (KS).