Maryland Code, COMMERCIAL LAW 20-102
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, COMMERCIAL LAW 20-102
- 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.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
No contract shall be discharged because after its formation the obligation and the right under the contract become vested in the same person acting in different capacities as to the right and the obligation.