Budget Law - Assignment Example

Budget LawThe process that helps in the authorization as well as the funding of a particular project is regarded as the Federal Budget Process and in this process the authorization and funding decision is made within the enactment phase (Dewhirst 69). In this phase first the appropriation process takes place in which the Congress has to make the decision of dividing the funds into different governmental organizations and entities as per their needs. This task is performed by the appropriations committee and then a particular legislation is enacted by the Congress that allows the governmental agency to spend the budget that has been allocated to them.

There are several appropriations that are divided into three types including the regular appropriations. The purpose of regular appropriations is to provide the funds that are required by governmental organizations that are large and small in size and the amount appropriated is quite specific and for specific purposes (Dewhirst 70). The second major appropriation is supplemental which is there to finance projects that are not completed and require extra financial assistance as the previous appropriations did not satisfy the need of finance for these projects.

The third major appropriation is continuing which are used to finance those projects whose funding was not approved by the Congress. The most common constraint includes the time periods for which the appropriated funds are to be used. In most cases the time period within which appropriated funds are to be used is one year. Furthermore, another constraint is the purpose for which the funds were appropriated (Schick 10). This means that the agency can only use the funds to satisfy the purpose that the Congress had agreed upon while appropriating the funds.

Lastly, the amount is even a major constraint and as per this constraint the agency is not allowed to spend money until the amount has been appropriated to them and they can only spend the amount that have been appropriated to them.The Statute of Fraud is a requirement in contract law and as per this requirement certain forms of contracts are only considered as enforceable in the court of law if the contract is in written or text form rather than oral or verbal form (Denicola 71). The reasons that have promoted the existence of this statute are that this statute will help in ensuring that the parties involved in a contract are careful in reading and analyzing the contract before accepting it and are well aware about the consequences associated with the failure to fulfill the requirements of the contract.

Furthermore, the statute even helps in making sure that the parties do not end up claiming that they never agreed to such a contract.In order to ensure that a contract is not recognized as invalid as per the Statute of Frauds a written contract should exist and this writing can be in any form. Furthermore, a contract remains valid if it is not objected by the person who is on the receiving end of the contract for a period of 10 days (Denicola 72). The contract will even not be considered as invalid if the goods and services within the contract are being developed for a special buyer and cannot be sold to others.

The contract remains valid for only those goods and services for which the payment has already been delivered. Works CitedDenicola, Robert C. Contracts. Lincoln, NE: Boston Legal Pub, 2002. Print.Dewhirst, Robert E, and John D. Rausch. Encyclopedia of the United States Congress. New York: Facts On File, 2007. Internet resource.Schick, Allen. The Federal Budget: Politics, Policy, Process. Washington, D.C: Brookings Institution Press, 2007. Internet resource.