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What are the characteristics of credit?
1. it is a bipartite contract 2. the contract is personal in nature 3. the contract has a pecuniary nature 4. there is the presence of trust and confidence 5. credit is risk 6. futurity 7. creation of legal obligation 8. the transfer of ownership or title
What is the legally bound obligation to pay debts called?
The legal obligation of a business to pay a debt is called an:
What is the date on which a cash dividend becomes a binding legal obligation?
Date of declaration
Is a co-signer and a co-borrower the same thing?
Yes. Both assume the obligation in the contract or note.
In the state of Pennsylvania is a prepayment penalty legal?
The state of Pennsylvania requires that any prepayment penalty be stated in the contract. When the prepayment penalty is stated in the contract it becomes legal.
What is the obligation of contract?
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.
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 .
Four essential elements of obligation?
In legal terms, an 'obligation' binds someone to perform or 'do' a certain thing. (e.g.: a contract forms on obligation on the part of the buyer and the seller to perform in certain ways. A court order will obligate someone to do or act in specific fashion.)
If a promise clearly makes a moral obligation than does the law make it a legal obligation?
Not necessarily. Morals are, by definition, more subjective than the law. You may have a moral obligation to do something for which there is no legal punishment available at all. Maybe you have a moral obligation to give your children presents as your money may permit, but there is no legal obligation to give them more than the necessaries, even if you are filthy rich. In other cases you may have a moral obligation that merely creates a separate and distinct legal obligation. For example, you may have a moral obligation to perform services on a contract, but you cannot be physically forced to actually perform. The only "legal obligation" would be to pay for damages caused by your failure to perform, if any. Therefore, even if there is a legal obligation stemming from such a moral obligation ("you gave your word"), they are not the same obligation.
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."
What is the legal definition of Responsibility in a contract?
It refers to an obligation one is under because of the contract. That can be a service, to provide goods, or the avoid doing something, any thing of value.
What the elements of an obligation?
In legal terms, an 'obligation' binds someone to perform or 'do' a certain thing. (e.g.: a contract forms on obligation on the part of the buyer and the seller to perform in certain ways. A court order will obligate someone to do or act in specific fashion.)
The law of contract is not the whole law of agreement nor is it the whole law of obligation?
That is true. Agreements can be made witout forming a contract. A gift, for example is an agreement to give and to receive but because there is no consideration (repayment), it is not a contract. Likewise, contracts are not the only way to create obligations. The obligation of duty of care for the welfare of others, for instance, resides in Tort law created by common law or statutory law, or both.
If a creditor sends your payment back to you do you still owe the debt?
Yes. Once a contract has been defaulted on, the creditor has no legal obligation to accept any payment other than that which was agreed on in the original contract or subsequent agreement.
What does obliging mean?
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."
What is Mutuality of obligation?
Idea that both parties of a contract must be bound for contract to be enforceable
What are the characteristics of credit?
1. it is a bipartite contract 2. the contract is personal in nature 3. the contract has a pecuniary nature 4. there is the presence of trust and confidence 5. credit is risk 6. futurity 7. creation of legal obligation 8. the transfer of ownership or title
