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Terms Used In Maine Revised Statutes Title 33 Sec. 1601-113

  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Every contract or duty governed by this Act imposes an obligation of good faith in its performance or enforcement. [PL 1981, c. 699 (NEW).]
SECTION HISTORY

PL 1981, c. 699 (NEW).