The definition of an obligation is
something that someone is required to do
. An example of obligation is for a student to turn in his homework on time every day. … An obligating or being obligated.
Whats is the meaning of obligation?
1 :
the action of obligating oneself to a course of action
(as by a promise or vow) 2a : something (such as a formal contract, a promise, or the demands of conscience or custom) that obligates one to a course of action made an obligation to pay their children’s college expenses.
What is obligation and examples?
The definition of an obligation is
something that someone is required to do
. An example of obligation is for a student to turn in his homework on time every day. … An obligating or being obligated.
What is obligation in law meaning?
Obligation is
the moral or legal duty that requires an individual to perform, as well as the potential penalties for the failure to perform
. An obligation is also a duty to do what is imposed by a contract, promise, or law. … In Black’s Law Dictionary, obligation is a moral or legal duty to perform or not perform an act.
What are the types of obligations?
- absolute obligation.
- contractual obligation.
- express obligation.
- moral obligation.
- penal obligation.
What are the 3 kinds of obligation?
- Section 1: Pure and Conditional Obligation. …
- Section 6: Obligation with a Penal Clause. …
- Section 2: Obligations with a Period. …
- Section 3: Alternative Obligation. …
- Section 4: Joint and Solidary Obligations. …
- Section 5: Divisible and Indivisible Obligation.
What are the 5 sources of obligation?
- Law.
- Contracts.
- Quasi-contracts.
- Crimes or acts or omissions punished by law.
- Quasi-delicts or torts.
What is the difference between obligation and responsibility?
Being responsible means you have a sense of moral or ethical duty to something or someone which may imply an obligation to do something An obligation is simply a
mandate to do something that does not connote any moral or ethical dimension
.
What are some examples of moral obligation?
For example,
parents have an obligation to take care of their children, not anyone else’s
. In other words, the obligation isn’t just “to take care of children”; it is to take care of one’s own children. The obligation is thus relative to the agent.
What is an obligation to buy?
The
buyer of a futures or forward contract
is taking on the obligation to buy and receive the underlying asset when the futures contract expires. The seller of the contract is taking on the obligation to provide and deliver the underlying asset at the expiration date.
What is the importance of obligation?
Why are obligations important?
Recipient responses to requests for information
are important because the question of whether a person has or has not met his or her obligations under the VEA is basic to most decisions to reduce or cancel pension or payment from a date earlier than the date of determination.
What are the characteristics of an obligation?
Every obligation has four essential elements:
an active subject; a passive subject; the prestation; and the legal tie
. The ACTIVE SUBJECT is the person who has the right or power to demand the performance or payment of the obligation. He is also called the obligee or the creditor.
What are the elements of an obligation?
The elements of an obligation are:
the parties, an object, the relationship by virtue of which one party is bound to perform for the other’s benefit
, and, in the case of conventional obligations, a cause.
What are the obligations in life?
In life, every man has twin obligations –
obligations to his family, to his parents, to his wife and children
, and he has an obligation to his people, his community, his country. In a civil and human society, each man is able to fulfill those obligations according to his own inclinations and abilities.
What is a pure obligation?
A pure obligation is
a debt which is not subject to any conditions and no specific date is mentioned for its fulfillment
. A pure obligation is immediately demandable. It is an obligation with respect to which no condition precedent remains which has not been performed.
What are the kinds of solidary obligation?
- Solidary obligations for obligees. This is known as active solidarity. …
- Solidary obligations for obligors. This is known as passive solidarity. …
- Renunciation of solidarity. …
- Debt relief. …
- Insolvency of a solidary obligor. …
- Indemnity. …
- Interruption of prescription. …
- See also.
