Terms Used In 20 Guam Code Ann. § 3242

  • Contract: A legal written agreement that becomes binding when signed.
  • 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
On adjudging the rescission of a contract, the court may require the party to whom such relief is granted to make any compensation to the other which justice may require.

SOURCE: CC § 3408.

NOTE: CC §§ 3409-3411 did not exist.

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PART 6

CANCELLATION OF INSTRUMENTS

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