§ 27.1 Meaning of words
§ 27.2 Terms defined

Terms Used In CFR > Title 7 > Subtitle B > Chapter I > Subchapter A > Part 27 > Subpart A > Definitions

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.