When Liabilities Authorized by an Appropriation Have Been Incurred, the Appropriation

question 139

True/False

When liabilities authorized by an appropriation have been incurred, the appropriation is said to be expended.

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Definitions:

Quantum Meruit

A legal principle that determines the amount to be paid for services when no contract exists or when contractual terms are ambiguous.

Agreement

A mutual understanding or arrangement between two or more parties, detailing the terms and conditions for their particular course of action.

Consideration

Something of value exchanged between parties in a contract, which is necessary for the agreement to be legally binding.

Promised

Something assured by one party to another, often relating to an action, service, or condition that will take place in the future.