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Terms Used In Iowa Code 554.2301

  • 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.
554.2301 General obligations of parties.
The obligation of the seller is to transfer and deliver and that of the buyer is to accept and
pay in accordance with the contract.
[C24, 27, 31, 35, 39, §9940, 9970; C46, 50, 54, 58, 62, §554.12, 554.42; C66, 71, 73, 75, 77,
79, 81, §554.2301]