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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 is the difference between liability and obligation?
Liability - is something covered by law. Obligation - is something you're 'expected' to do.
What is Difference between liability and obligation?
Liability - is something covered by law. Obligation - is something you're 'expected' to do.
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.)
What does the word obligation mean?
Under a moral obligation to do something; Indebted. Source: Answers.com
What is a facultative obligation?
facultative obligation; one with only one prestation/ object of obligation but the obligor may deliver another object as a subtitute
A word for something owned to another?
debt, obligation, duty, responsibilitydebt, obligation, duty, responsibilitydebt, obligation, duty, responsibilitydebt, obligation, duty, responsibility
What part of speech is obligation?
Obligation is a noun, something that a person is obliged to do which arises out of a sense of duty
What is feeling that you feel like you HAVE to do something?
Obligation.
What is the word for something owed to someone else?
The word for something owed to someone else is "debt." Debt refers to an obligation to pay money or provide services to another party, typically as a result of borrowing or an agreement. It can also encompass moral or social obligations.
Q4Can a Contract be made without valid consideration?
The basic requirements of a contract or an agreement are as below:1. An offer2. An acceptance3. ConsiderationIf any of these components are absent, the agreement or contract would not form a proper contract. However, consideration may be paid in cash or may be a counter obligation to be performed by the other party to the contract. This obligation may be an act to be performed by the other party or a promise to abstain from doing something.
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.
