obligation

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obligation

1. Law a legally enforceable agreement to perform some act, esp to pay money, for the benefit of another party
2. Law
a. a written contract containing a penalty
b. an instrument acknowledging indebtedness to secure the repayment of money borrowed

Obligation

 

a relationship in civil law wherein one party (the debtor) is obliged to perform a certain action (transfer property, perform work, pay money) for the benefit of another party (the creditor) or to refrain from performing the action. The creditor in turn has the right to require the debtor to carry out his obligation. Under Soviet law the parties to an obligation are socialist organizations and citizens. Obligations generally arise from a contract, from planning or other administrative directives, from the infliction of property damage subject to compensation, or from the unjust acquisition or holding of property.

Depending on the rights and duties of the parties, obligations may be classified as those involving transfer of property to ownership or operational management, with or without compensation; transfer of property for use, with or without compensation; performance of work or services; or the protection of socialist and personal property or other property rights.

If several creditors or several debtors are involved in an obligation, its manner of performance is determined by the object of the obligation and the conditions of the agreement of the parties. If each of the participants in the obligation is required to perform a certain (equal or unequal) part of the obligation, the obligation is called a joint obligation. If the creditor has the right to demand performance of the obligation in full from any one of the creditors (in which case the other participants in the obligation are released from liability), the obligation is called a joint and several (solidary) obligation. Performance of an obligation may be secured by an additional obligation. If the obligation is not performed voluntarily, the debtor can be compelled to perform the obligation by a court or arbitration board.

An obligation may be terminated by setting-off a similar counterclaim, by agreement between the parties, if the performance of the obligation is impossible and the debtor is not responsible, or by the dissolution of a legal person (debtor or creditor) unless performance of the obligation is assigned by law to another legal person.

References in periodicals archive ?
Obligatory XVS structures in written and spoken Present-day English texts
The combination of body dissatisfaction, drive for thinness, and negative affect may predict unhealthy weight control behavior, because all of these variables have been associated with obligatory exercise in undergraduate students (Ackard et al.
If it is psychopathic to claim that blowing up a bus could be permissible even if a perfectly rational, loving, just and omniscient person commands it, then it must be absurd that blowing up a bus could be obligatory if it's required by reason, compatible with virtue, or maximizes happiness.
Those who are trying to return obligatory military service believe that they can make a balance inside military forces through the draft.
Moral reasons in favor of an action are necessary, but not sufficient, to make that action morally obligatory.
1) The proposed obligatory label would show energy efficiency information, noise and wet grip' performance.
Regarding the obligatory appointment at courtrooms, protestors and the ministry agreed that it would last for one year only and that specialists' reports would come under the supervision of the head of the specialists' office.
His disqualification period will be reduced by three months if he pays for and completes an obligatory pounds 240 driving course.
Enlistment is already cheaper as it is conducted within the means of the budget, and therefore obligatory military service is an incorrect solution to budget problems," said Turlais.
At present it is not obligatory for a seller to provide a completed Seller's Property Information Form, and Fixtures and Fittings List.
I hope you understand the difference between obligatory and optional.
Under the renewable portfolio standard (RPS) system, which obliges utility companies to utilize a certain amount of new energy sources, such as wind and solar, to generate power, the Economy, Trade and Industry Ministry has decided to increase the amount of obligatory use of new energy sources to 16 billion kilowatt-hours in fiscal 2014, about a three-fold increase on the current use of renewable energy sources.