As used in this part, unless the context otherwise requires:

(1) “Acquire” means to derive a benefit from, whether by lease, grant, expenditure, or otherwise;
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Terms Used In Tennessee Code 12-4-702

  • Business: means a business organization in any form, institution, association, profession, occupation or calling of any kind, whether or not conducted for profit. See Tennessee Code 12-4-702
  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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.
  • Property: means anything of value, including, but not limited to, real estate, tangible and intangible personal property, contract rights, choses-in-action and other interests in or claims to wealth, admission or transportation tickets, captured or domestic animals, electric or other power and signatures which purport to create, maintain or extinguish any legal obligation. See Tennessee Code 12-4-702
  • Service: includes , but is not limited to: labor. See Tennessee Code 12-4-702
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(2) “Agency” means any entity of the state government, as defined in § 4-5-102;
(3) “Business” means a business organization in any form, institution, association, profession, occupation or calling of any kind, whether or not conducted for profit;
(4) “Property” means anything of value, including, but not limited to, real estate, tangible and intangible personal property, contract rights, choses-in-action and other interests in or claims to wealth, admission or transportation tickets, captured or domestic animals, electric or other power and signatures which purport to create, maintain or extinguish any legal obligation; and
(5) “Service” means labor that does not include a tangible commodity. “Service” includes, but is not limited to: labor; professional advice; services provided by health care providers to medicaid recipients upon filing of a properly completed claim form; telephone, cable television and other utility service; accommodations in hotels, restaurants or elsewhere; admissions to exhibits and entertainments; the use of machines designed to be operated by coin or other thing of value; and the use of rented real or personal property.
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