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The meaning of obligation of contract is the legal duty of the parties to the contract to live up to the promise they make in contract. Thus mainly emphasis a moral duty on the contractors.
Wiki User
∙ 9y ago
Wiki User
∙ 8y agoA contract obligation is something that one has agreed to do in a contract. It can be to provide goods, services or to compensate someone for providing things.
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What is Mutuality of obligation?
Idea that both parties of a contract must be bound for contract to be enforceable
What is failure to perform or follow through with an obligation?
Breach of contract is a failure to perform or follow through with an obligation. A breach of contract can be grounds for a lawsuit against the guilty party.
Can you quit a temporary agency job if you signed a contract?
You have a contractual obligation to fulfill the terms of that contract unless you can exercise an option allowing you to quit ; you have a legal obligation to live by .
What is meant by the term obligation?
The term obligation means an agreement to do something or a sense of duty. For example one could be under obligation of a contract or feel a sense of obligation to look after a friend.
What does obligation?
An obligation is something you are bound by duty to do. It could be a legal obligation arising from a contract, in which a person has promised to do a certain thing as a part of the contract. It could be a moral or ethical obligation which could arise as a result of a promise which is not legally binding, or from a relationship. E.g. "You said you'd visit the sick and elderly after church and you have an obligation to follow through." "I feel that, as a friend, I have an obligation to attend her funeral." "It's your obligation to take care of your brother's widow and children."
Why are commodity futures contracts transferable?
Commodity future contracts are transferable (can be bought and sold), to realize a profit or loss, but the obligation in the contract remains valid.
What difference between indemnity and contract and contract of guarantee?
A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to answer for the debt, default, or miscarriage of another to the person with whom the contract is made.
Are all contracts are obligation?
No, not all contracts are obligations, because not all contracts are enforceable. In general, a lawfully entered contract does create obligations for both parties who enter it and agree to its terms. Once the terms of the contract are completed, the obligation ends.
What is quasi-contracts?
A quasi contract is a contract that is an obligation between two parties. It is imposed by the law independently.?æ
What is the discharge of contracts?
When neither party has an obligation under a contract anymore
What was part of vassal's obligation under his feudal contract?
work the fields
What is complete performance in terms of contracts in law?
This occurs when a party to a contract renders performance exactly as required by the contract; discharges that party's obligation under the contract.
