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).