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Obligation arises when there is a duty or responsibility that one party owes to another, typically stemming from a legal, moral, or contractual relationship. This can occur through explicit agreements, such as contracts, or implicit expectations, such as societal norms. Additionally, obligations can emerge from specific situations, events, or actions that create a sense of accountability. Ultimately, the nature and context of the relationship determine when and how obligations are established.
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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 contingent liability?
A contingent liability is: (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or (b) a present obligation that arises from past events but is not recognised because: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability.
What are the kinds of obligation?
1.PuRe oBliGAtIon 2.cOnDItIonAl oBligAtiOn 3.oBliGatIon wItH a pErIod4.aLtErnAtiVe obLIgAtiOn 5.facultatIve oBliGatIon 6.jOiNt oBliGatIon7.sOlIdAry oBliGAtiOn 8.dIvIsiBle obLigAtion 9.inDiViSiBle oBLigAtion10.oBlIGatIOn wIth a pEnaL cODe
How is obligation extinguished?
Obligation is extinguished by fulfilling the obligation as promised or as required.
What is is the explanation of Article 1203 obligation and contracts?
Article 1203 of the Civil Code pertains to the obligations arising from contracts, specifically addressing the effects of obligations that are subject to a condition, which may either be suspensive or resolutory. It stipulates that a condition must be lawful and possible for it to be valid. If the condition is fulfilled, the obligation arises or ceases accordingly. This article highlights the importance of conditions in determining the enforceability of contractual obligations.
What does necessity arises mean?
Same as need arises.
What is the example of conditional obligation?
A conditional obligation is obligation with a condition. ex... I will support your studies in college if Mr. A dies.
A word for something owned to another?
debt, obligation, duty, responsibilitydebt, obligation, duty, responsibilitydebt, obligation, duty, responsibilitydebt, obligation, duty, responsibility
Is solutio indebiti a kind of contract?
Solutio indebiti is a quasi-contract. It arises when a person through mistake, pays what is not due by him under any civil or natural obligation either because there was never an obligation or because it was already extinguished or because he pays that which is due but not by him or because he pays that which is due but not to the person who receives it. The essential conditions for the existence of indebiti solutio are: - there must be payment given with the intent to fulfil an obligation which is believed to exist - there must be the absence of a cause for payment - the person must have paid under the mistaken belief that such debt was due by him
What is mora ex re?
Mora ex re refers to a legal concept in civil law regarding a delay in performance that arises from the nature of the obligation itself. It occurs when a debtor fails to fulfill their obligation within the agreed timeframe, and the delay is attributable to the thing or item owed rather than the debtor's actions. Essentially, it emphasizes that the obligation has become overdue due to the circumstances surrounding the object of the contract. This concept is often contrasted with mora ex persona, which involves delays caused by the debtor's actions.
What is indirect credit?
Indirect credit refers to a situation where a credit risk arises from the actions of a third party rather than directly from the borrower. This can occur when a lender is exposed to risk due to a borrower's relationship with another party who may default on a loan or financial obligation.
What is a conditional obligation?
A conditional obligation is an obligation that is only triggered if a certain condition or event occurs. This means that the obligation to perform or fulfill the duty is dependent on the specified condition being met. If the condition is not satisfied, the obligation may not need to be fulfilled.
