Maryland Code, COMMERCIAL LAW 22-306
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Terms Used In Maryland Code, COMMERCIAL LAW 22-306
- 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.
A performance obligation of a party that cannot be determined from the agreement or from other provisions of this title requires the party to perform in a manner and in a time that is reasonable in light of the commercial circumstances existing at the time of agreement.