Texas Business and Commerce Code 272.002 – Inapplicability of Chapter
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Terms Used In Texas Business and Commerce Code 272.002
- 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.
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
This chapter does not apply to a construction contract that:
(1) is a partnership agreement or other agreement governing an entity or trust;
(2) provides for a loan or other extension of credit and the party promising to perform the work that is the subject of the construction contract is doing so as part of the party’s agreements with the lender or other person who extends credit; or
(3) is for the management of real property or improvements and the obligation to perform the work that is the subject of the construction contract is part of that management.