Montana Code 28-2-1701. How contract extinguished
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28-2-1701. How contract extinguished. (1) A contract may be extinguished in the same manner as any other obligation and also in the manner prescribed by part 16 and this part.
Terms Used In Montana Code 28-2-1701
- 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.
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
(2)A contract is extinguished by its rescission.