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Terms Used In Michigan Laws 830.403

  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
     Notwithstanding the provisions of Acts No. 315 and No. 316 of the Public Acts of 1947, no such contract or lease, whether heretofore or hereafter executed, shall require the approval of the legislature to become effective.