what is the definition of obligation
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Definitions &Translations duty, responsibility, obligation (noun). the social force that binds you to the courses of action demanded by that force. we must instill a sense of duty in our children; every right implies a responsibility; every opportunity, an obligation; every possession, a duty- John D.Rockefeller Jr. obligation (noun).
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obligation An example of obligation is for a student to turn in his homework on time every day. 1  an obligating or being obligated. 2  a binding contract, promise, moral responsibility, etc.  a duty imposed legally or socially; thing that one is bound to do by contract, promise, moral responsibility, etc.
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liability 1 something one is obligated to do or an obligation required to be fulfilled by law, usually financial in nature. 2 the amount of money required to fulfill a financial obligation. Health insurance The potential for paying claims based on use of an insured service.
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guarantee Guarantee. 1  The assumption of responsibility for payment of a debt or performance of some obligation if the liable party fails to perform to expectations. 2  A promise made by a third party to provide payment on a bond, loan, or other liability in the event of default.
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responsibility RESPONSIBILITY. The obligation to answer for an act done, and to repair any injury it may have caused. 2. This obligation arises without any contract, either on the part of the party bound to repair the injury, or of the party injured. The law gives to the person who has suffered loss, a compensation in damages.
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obligation obligation - Legal Definition. n. 1  A moral or legal duty to perform or to not perform some action.  A binding, formal arrangement or an agreement to a liability to pay a specified amount or to do a certain thing for a person or group of persons.
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assignment Define assignment: the act of assigning something; a position, post, or office to which one is assigned — assignment in a sentence the act of assigning something; a position, post, or office to which one is assigned…
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- 1 something by which a person is bound or obliged to do certain things, and which arises out of a sense of duty or results from custom, law, etc.  something that is done or is to be done for such reasons:to fulfill one's obligations.
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- Moral obligation. The term moral obligation has a number of meanings in moral philosophy, in religion, and in layman's terms. Generally speaking, when someone says of an act that it is a moral obligation, they refer to a belief that the act is one prescribed by their set of values.
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liability Definition. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed.
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- Liability is a legal obligation of an individual or business entity towards creditors arising out of some transactions.Types of Liabilities are explained in this article. Liability is a legal obligation of an individual or business entity towards creditors arising out of some transactions.Types of Liabilities are explained in this article.
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- Definition. An agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality. In some states, the element of consideration can be satisfied by a valid substitute.efinition. An agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality. In some states, the element of consideration can be satisfied by a valid substitute.
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- See -lig-. n. 1  something by which a person is bound or obliged to do certain things, and which arises out of a sense of duty or results from custom, law, etc. 2  something that is done or is to be done for such reasons:to fulfill one's obligations.  a binding promise, contract, sense of duty, etc.
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What is DEBT? liability. LIABILITY. Responsibility; the state of one who is bound in law and justice to do something which may be enforced by action. This liability may arise from contracts either express or implied, or in consequence of torts committed.2.IABILITY. Responsibility; the state of one who is bound in law and justice to do something which may be enforced by action. This liability may arise from contracts either express or implied, or in consequence of torts committed. 2.
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Definitions &Translations A contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract, although care is required as a promise may not have the full standing of a contract, as when it is an agreement without consideration.
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obligation Examples of obligation in a Sentence. She believes that all people have a moral obligation to defend human rights. He argues that people in a community have certain obligations to each other. She failed to fulfill her obligations as a parent.
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What is CONTRACT? A contract is an agreement by which one person obligates himself to another to give, to do. or permit, or not to do. something expressed or implied by such agreement. Civ. Code I,a. art. 1761; Fislc v. Police Jury.
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Definitions &Translations A contract is a legally enforceable promise or undertaking that something will or will not occur.The word promise can be used as a legal synonym for contract, although care is required as a promise may not have the full standing of a contract, as when it is an agreement without consideration. contract is a legally enforceable promise or undertaking that something will or will not occur.
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- c.1300, from Old French obligacion obligation, duty, responsibility (early 13c.) and directly from Latin obligationem (nominative obligatio) an engaging or pledging, literally a binding (but rarely used in this sense), noun of action from past participle stem of obligare (see oblige).
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obligation 1. 'obligation' and 'duty'. If you say that someone has an obligation to do something or a duty to do something, you mean that they ought to do it, because it is their responsibility. When obligation and duty are used like this, they have the same meaning. When teachers assign homework, students usually feel an obligation to do it.
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Bond Law Bonds are defined as a written obligation by which one party promises to perform a certain act, like appearing in court, paying a financial obligation, or performing some other contractual responsibility. Bonds are also a trade instruments of debt issued by institutions to finance their activities.
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obligation Switch to new thesaurus. duty, obligation. job - the responsibility to do something; it is their job to print the truth. safekeeping, guardianship, keeping - the responsibility of a guardian or keeper; he left his car in my keeping. social control - control exerted (actively or passively) by group action.
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duty duties. 1  1 : something a person feels he or she ought to do because it is morally right Dad says it's his duty to take care of Grandma. 2  2 : something a person is required to do by law jury duty. 3  3 : an action done as part of a job or position a principal's duties.
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Contract A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements.[1]
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undertaking Legal Definition of undertaking. 1  1 : a promise or pledge especially required by law. 2  2 : something (as cash or a written promise) deposited or given as security especially in a court.
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obligation A penal obligation is a penalty, such as the obligation to pay extra money if the terms or conditions of an agreement cannot be satisfied. obligation. n. a legal duty to pay or do something. obligation