In this title, unless the context or subject matter otherwise requires:

Terms Used In North Dakota Code 9-01-01

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49

1.    A contract is an agreement to do or not to do a certain thing.

2.    An obligation is a legal duty by which a person is bound to do or not to do a certain thing.