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In a contract agreement, the promisor has the obligation to fulfill their promise as outlined in the contract. The promisee has the right to expect the promisor to fulfill their obligations as agreed upon in the 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 .
A contract is a legally binding agreement between two parties that establishes a mutual obligation to fulfill certain terms and conditions.
A promise
If only one of the parties undertakes a promise, it is referred to as "imperfect bilateral contract". For example, an agency contract without remuneration or loan contract without interest on a loan for use. In the latter, the borrower of the loan has only the obligation to return what he has borrowed whereas the other party has no counter obligation to fulfill.
The principal is the party who agrees to perform an obligation. For example, a builder may contract to construct a building. The obligee expects the principal to fulfill a contract
A legal obligation in a contract refers to the responsibilities and duties that each party is bound to fulfill as stipulated in the agreement. This includes performing specific actions, providing goods or services, or refraining from certain behaviors as outlined in the contract. If a party fails to meet these obligations, they may be subject to legal consequences, such as being sued for breach of contract. Essentially, legal obligations ensure that the terms of the contract are enforceable in a court of law.
Prestation in an obligation refers to the specific performance or action that a debtor is required to fulfill in accordance with a contract or legal duty. It can involve delivering goods, providing services, or performing a particular act. The nature of the prestation is determined by the terms of the obligation and can vary widely depending on the context of the agreement. In essence, it is the actual execution of the obligation owed to a creditor.
'Eagles Live' was released on November 7, 1980. It was released after the initial breakup of the band 'The Eagles' in July 1980 in order to fulfill a contract obligation.
A reversionary clause provides that the grantee must fulfill some obligation or restriction or the property reverts back to the former owner. To 'satisfy' the reversionary clause you fulfill the obligation
The duties of a debtor in obligation to give a determinate thing include delivering the specific item agreed upon, ensuring the item is in the condition or quality as specified in the contract, and performing the delivery at the agreed time and place. If the debtor fails to fulfill these duties, the creditor may seek legal remedies for breach of contract.
To fulfill the obligations that they have agreed to in the contract.