Obligation

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Obligation

A legal responsibility, such as to repay a debt.

Obligation

Any requirement, especially a legal one. For example, one may have a legal obligation to disclose one's investments to the SEC. Likewise, one has an obligation to repay debts by the agreed-upon time. On the other hand, one has an ethical obligation to deal fairly with one's clients, even if the obligation is not legally enforceable.
References in periodicals archive ?
Obligational completeness and state-contingent completeness are defined in Ayres & Gertner, supra note 17, at 730.
Using a case study approach that involves the collection of primary and secondary quantitative and qualitative data, it seeks to show that where a buyer is all-powerful, it is exceptionally difficult to fully implement and reap the benefits of a true win-win contractual obligational relationship of the variety advocated by so many as being important in the achievement of competitive advantage.
Even the communal practices that Zajdow notes -- based around marijuana use -- are but a shadow of the obligational processes at work in traditional or even partially traditional societies.
It is the most wonderful thing that the Catholic Church has become invitational instead of obligational.
Even though the FBF is technically a revolving fund, it is still subject to annual enactment of new obligational authority (a limitation on the use of revenue) by the Congress.
The following excerpt depicts the obligational struggle many women undertake to maintain transnational ties.
But the close reading of the text and the focus on the specifics of this relationship can illuminate the centrality of obligational love, of a community that travels with all its children and all of its cattle, and the rattle of kitchen gear.
If, for example, we take the continuum of obligational contracting and arm's length contracting (Sako, 1994) we may well be wrong to conclude that firms dealing with written rather than oral contracts are participating in a business environment of the arm's length type.

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