Terms Used In Utah Code 70A-1a-304

  • 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.
     Every contract or duty within this title imposes an obligation of good faith in its performance and enforcement.

Enacted by Chapter 272, 2007 General Session