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Debtor may assume an executory contract, making it fully enforceable and requiring performance from both parties.

Debtor may reject an executory contract, leading to a breach and allowing the other party to file a claim for damages.

Debtor may assign the contract to a third party, with the third party assuming responsibility.

Automatic stay prevents contract termination due to debtor's bankruptcy filing.

Ipso facto clauses, which allow termination due to bankruptcy, are generally unenforceable in bankruptcy.

Debtor may cure, or fix, defaults to facilitate the assumption of an executory contract.

Debtor must provide proof of ability to fulfill contract terms to assume or assign an executory contract.

Under section 365(n), licensees can retain rights to intellectual property even if the licensor rejects the executory contract in bankruptcy.

Debtor may assume or reject unexpired leases, with rejection treated as a prepetition breach.

Special rules apply to the assumption or assignment of shopping center leases to protect other tenants and the landlord.

Debtor has a specified time period to assume or reject a non-residential real property lease.

Debtors have limited ability to assume unexpired residential leases, often bound by state tenant laws.

The trustee has the same rights as the debtor to assume, reject, or assign executory contracts and unexpired leases.

Rejection of an executory contract or unexpired lease results in a claim for damages by the non-debtor party.