North Dakota Code 9-01-01 – Definitions
Current as of: 2023 | Check for updates
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In this title, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 9-01-01
- 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: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
1. A contract is an agreement to do or not to do a certain thing.
2. An obligation is a legal duty by which a person is bound to do or not to do a certain thing.