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 ?
I propose, instead, that the obligation to save the swimmer falls on the beachgoers as a group as soon as they are each obligated to be willing to do so, if others will do the same.
Fall or decline commitment cause in obligation of the union is that problem as a dedicated and committed against a person owes to the commitment that has been accumulated thereon.
(16) If a sponsor fails to fulfill his or her I-864 obligation, the sponsored alien, the federal government, and any state government may bring action to enforce the obligation.
The law provides various circumstances in which an obligation or contract may be void or voidable.
Clearing and trading obligations for small financial counterparties and non-financial counterparties; and, Date of application of the trading obligation for financial counterparties (FC) which are in Category 3 and subject to the CO.
These are as follows:--$52.7 million pledged revenue obligations series 2014;
Keywords: Filial Obligation, Parenting Modeling, Young Adults, Predictor
The embassy imposed the obligation on all other pilgrims.
According to those authors who prefer that the order in definition begins with the creditor, the civil obligation is defined as the legal relation where one party, called creditor has the legal possibility to claim to the other party, called debtor, to execute his performance or performances to which he is bond, under the sanction of state coercion (Pop, 2006: 5).
claim right; in the case of natural obligations, if the debtor did not pay voluntarily, the creditor cannot resort to the coercive power of the state to make the debtor perform his obligation.
Whilst a "best endeavours" obligation is not an absolute obligation, it is not toothless.
An obligation to use 'reasonable endeavours'' is not as strong as an obligation to use 'all reasonable endeavours'', which in turn is less strong that an obligation to use 'best endeavours''.