Maryland Code, COMMERCIAL LAW 22-303
Terms Used In Maryland Code, COMMERCIAL LAW 22-303
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
(b) An authenticated record that precludes modification or rescission except by an authenticated record may not otherwise be modified or rescinded. In a standard form supplied by a merchant to a consumer, a term requiring an authenticated record for modification of the contract is not enforceable unless the consumer manifests assent to the term.
(c) A modification of a contract and the contract as modified must satisfy the requirements of §§ 22-201(a) of this title and 22-307(g) of this subtitle if the contract as modified is within those provisions.
(d) An attempt at modification or rescission which does not satisfy subsection (b) or (c) of this section may operate as a waiver if § 22-702 of this title is satisfied.