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 ?
For it can be, simply, a matter of each individual member of the collective satisfying their obligation to be prepared to act if others act.
In the case of non-fulfillment of the cause of public ownership, it is said that a person may damage to public property for which the property is put on the commitment of its obligation, however, because they belong to a particular person is property to transfer it to another union does not fulfill the obligation of here.
In In re Marriage of Khan, the Court of Appeals of Washington considered whether a maintenance award is required to enforce a sponsor's I-864 obligation to a former spouse.
If the object of the contract or obligation is impossible then it will be void.
--$39 million pledged revenue refunding obligations, tax-exempt series 2015A;
However, the construct of filial obligation has not been well researched indigenously and the present study is an attempt in this regard to fill in the gap.
The object of the obligation is represented by the performance or the actual conduct to which the creditor is entitled and of which the debtor is liable and may consist of a positive performance (to give, to do) or a negative action or abstention (not to do something) which in the absence of the assumed obligation would have not existed.
In synallagmatic legal relations, the performance of either party to the legal relation of obligation makes a payment; payment is made by both the seller transferring ownership of property, and the buyer paying the price of the item of property, both the carrier shipping the merchandise to the destination and the sender/ receiver paying the transportation; both the mechanic fixing a car and the client paying the price of the repair, etc.
Sitting in-between "best endeavours" and "reasonable endeavours" is an obligation upon the obligor t S o use "all reasonable endeavours".
In principle, an obligation to use best endeavours contemplates that the obligor will be required to incur some costs in discharging that obligation, but the extent to which it will be expected to act against its financial interests is a question of fact to be determined in each case.
(1) This possibility has been claimed to cause significant problems for our ideas about interpersonal moral obligations (see for instance the essays in Mathews, Bok, and Rabins 2009).
As of 2017, PSALM's financial obligations went down to P466.2 billion, which registered a decrease of 7.9 percent from 2016's level of P506.3 billion and a decrease of 62.4 percent vis-a-vis the 2003 level of P1.24 trillion.