Budget Law Assignment Example | Topics and Well Written Essays - 500 words

Budget Law - Assignment Example 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. 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. This means that the agency can only use the funds to satisfy the purpose that the Congress had agreed upon while appropriating the funds. La stly, 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.