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PublicLegal Dictionary > obligation
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obligation

 (ä-blə-gā-shən) (n)
1

:a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment)

also

:the binding power of such an agreement or indication held that the amendment did not unconstitutionally impair the ⁓s of contracts Davis v. American Family Mut. Ins. Co., 521 N.W.2d 366 (1994)

2

:a debt security (as a corporate or government bond)

see also collateralized mortgage obligation 

3

:what one is obligated to do, satisfy, or fulfill: as

a

:a commitment to pay a particular amount of money does not create a debt, liability, or other ⁓, legal or moral State v. Florida Dev. Fin. Corp., 650 So. 2d 14 (1995)

also

:an amount owed in such a commitment

b

:a duty arising from law, contract, or morality had a legal ⁓ as an employera contractual ⁓

4in the civil law of Louisiana

:a relationship that binds one party to a performance (as a payment or transfer) or nonperformance for another party

see also contract offense quasi-offense 

An obligation under civil law may arise by operation of law, naturally, or by contract or other declaration of will. The elements of an obligation are: the parties, an object, the relationship by virtue of which one party is bound to perform for the other's benefit, and, in the case of conventional obligations, a cause.

conditional obligation

:an obligation that is dependent on an uncertain event

conventional obligation

:an obligation taking the form of a contract

heritable obligation

:an obligation that may be enforced by the successor of the obligee or against the successor of the obligor

joint obligation1

:an obligation binding different obligors to a performance for one obligee

2

:an obligation binding one obligor to a performance for different obligees In civil law, one of two or more obligors in a joint obligation is only liable for his or her portion of the performance.

natural obligation

:an obligation arising from moral duty that is implied but not enforceable by the law

several obligation1

:any of the obligations binding different obligors to separate performances for one obligee

2

:any of the obligations binding an obligor to separate performances for different obligees

solidary obligation

:an obligation under which any of two or more obligors can be held liable for the entire performance (as payment of a debt) Solidary obligation is similar to joint and several liability in common law.

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