What is managed code?

What is managed code?: "Managed code is code that has its execution managed by the .NET Framework Common Language Runtime. It refers to a contract of cooperation between natively executing code and the runtime. This contract specifies that at any point of execution, the runtime may stop an executing CPU and retrieve information specific to the current CPU instruction address. Information that must be query-able generally pertains to runtime state, such as register or stack memory contents.
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Contrast this to the unmanaged world: Unmanaged executable files are basically a binary image, x86 code, loaded into memory. The program counter gets put there and that’s the last the OS knows. There are protections in place around memory management and port I/O and so forth, but the system doesn’t actually know what the application is doing. Therefore, it can’t make any guarantees about what happens when the application runs."