CFR > Title 45 > Subtitle B > Chapter XVI > Part 1631 > Subpart C – Personal Property Management
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Terms Used In CFR > Title 45 > Subtitle B > Chapter XVI > Part 1631 > Subpart C - Personal Property Management
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- 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.
- Personal property: All property that is not real property.