7 Guam Code Ann. § 11303
Terms Used In 7 Guam Code Ann. § 11303
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- 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.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(b) An action to recover
(1) upon a book account whether consisting of one (1)
or more entries;
(2) upon an account stated based upon an account in writing, but the acknowledgment of the account stated need not be in writing;
(3) a balance due upon a mutual, open and current account;
provided, however, that where an account stated is based upon an account of one (1) item, and where an account stated is based upon an account of more than one (1) item, the time shall begin to run from the date of the last item.
(c) An action based upon the written rescission of a contract. The time begins to run from the date upon which occurred the facts that the aggrieved party claims permits him to rescind the contract. Where the ground for rescission is fraud or mistake, the time does not begin to run until the aggrieved party discovers the facts constituting the fraud or mistake. Where the ground for rescission is misrepresentation relating to an offer to insure or an application to obtain insurance, the time does not begin to run until the representation becomes false.
SOURCE: Guam CCP § 337, subparts (2) and (3) amended by P.L.
15-106:1.