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 ?
Although a 2006 law on depositor protection obliges banks to reimburse depositors in the event of savings being withdrawn with stolen cash cards, it does not provide protection in cases where savings are illicitly pulled out via the Net or with stolen bankbooks.
The FSA, the nation's financial industry watchdog, will oblige insurers to supply in their financial statements more information on the financial and business conditions of debtors when reporting on bad loans.
The current regulation that obliges people to use light colours will continue, but people will not be obliged to go for the lightest, they could easily paint with medium-light colours.
The Yomiuri Shimbun reported Sunday that the ruling Liberal Democratic Party is considering enacting a new law that would oblige LTCB to use cash resources in its capital accounts to write off bad loans, as a prerequisite for receiving public funds.
But it's possible she'll be happy to oblige, not least because you are clearly happy to oblige her.
Download Wehbe: No obligation to coordinate with Syrian military NNA - MP Amine Wehbe on Wednesday reiterated that nothing obliges the Lebanese army to coordinate with the Syrian military, stressing that the Lebanese troops are capable of battling Daesh in the outskirts of Ras Baalback and al-Qaa.
Les forces de l'ordre ont demande aux employes de la societe de rouvrir la route sinon ils seront obliges de recourir a la force.
Legal experts have demanded the creation of a commission that obliges government bodies to implement the rulings.
The bill also obliges the Rwandan Government "to suspend fertility for mentally handicapped people".