South Dakota Codified Laws 53-11-1. Extinguishment of contracts–Methods
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A contract may be extinguished in like manner as any other obligation and also by rescission, alteration, and cancellation, as provided by statute.
Terms Used In South Dakota Codified Laws 53-11-1
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
- Statute: A law passed by a legislature.
Source: CivC 1877, §§ 963, 964; CL 1887, §§ 3587, 3588; RCivC 1903, §§ 1281, 1282; RC 1919, §§ 902, 903; SDC 1939, § 10.0801.