Abstract: An outstanding contract in itself has economic values and forms an important part of bankruptcy property. How to deal with outstanding contracts in bankruptcy not only determines the value maintenance and increase of bankruptcy property， but also greatly impacts the relevant parties of the contract outside bankruptcy. For the sake of protecting creditors overall interests， specific rules and regulations of rescinding， bearing and transferring outstanding contracts are laid down， which reveals the pragmatic characteristics of bankruptcy law and the essence of bankruptcy property. However， there still exist some problems in the outstanding contracts of Chinas bankruptcy law such as poor supervision and deficiency of the implementation standards for right of cancellation. Thus， rules for business judgment and overall contract bearing should be established and exclusive clauses to outstanding contracts should be formulated in Chinas bankruptcy law.

Key words: outstanding contract, bankruptcy property, creditor protection