Peters entered into a contract to purchase Dowling’s business. The following terms were agreed to: Peters would take over all of Dowling’s executory contracts Peters would purchase Dowling’s tools at an agreed-to price Peters would accept Dowling on previous contracts Dowling would remain as a consultant to the new firm for a period of 5 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).