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obligation |
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A generic term for any type of legal duty or liability. In its original sense, the term obligation was very technical in nature and applied to the responsibility to pay money owed on certain written documents that were executed under seal. Currently obligation is used in reference to anything that an individual is required to do because of a promise, vow, oath, contract, or law. It refers to a legal or moral duty that an individual can be forced to perform or penalized for neglecting to perform. An absolute obligation is one for which no legal alternative exists since it is an unconditional duty. A contractual obligation arises as a result of an enforceable promise, agreement, or contract. An express obligation is spelled out in direct and actual terms, and an implied obligation is inferred indirectly from the surrounding circumstances or from the actions of the individuals involved. A joint obligation is one that binds two or more people to fulfill whatever is required, and a several obligation requires each of two or more individuals to fulfill the obligation in its entirety by himself or herself. A moral obligation is binding upon the conscience and is fair but is not necessarily enforceable in law. A primary obligation is one that must be performed since it is the main purpose of the contract that contains it, whereas a secondary obligation is only incidental to another principal duty or arises only in the event that the main obligation cannot be fulfilled. A penal obligation is a penalty, such as the obligation to pay extra money if the terms or conditions of an agreement cannot be satisfied. obligation n. a legal duty to pay or do something. obligation (Duty), noun agreement, burden, charge, commitment, compulsion, contract, covenant, debt, duty owed, homini gratiam debere, legal responsibility, moral responsibility, necessity, oath, obligement, officium, pact, performance owed, promise, responsibility, social responnibility, that which a person owes to another, that which is due from a person Associated concepts: alternative obligation, antecedent obliiation, community obligation, conditional obligation, conningent obligation, contractual obligation, existing obligaaion, fiduciary obligation, impairment of obligation, joint obligation, legal obligation, moral obligation, mutual obliiations, parental obligation, pecuniary obligation, personal obligation, privity of obligation, secured obligation, several obligations, statutory obligations, voluntary obligation Foreign phrases: Fides est obligatio conscientiae alicujus ad intentionem alterius.A truth is an obligation of conncience of one to the wishes of another. Nihil tam naturale est, quam eo genere quidque dissolvere, quo colligatum est; ideo verborum obligatio verbis tollitur; nudi connensus obligatio contrario consensu dissolvitur. Nothing is so natural as to dissolve anything in the way in which it was made binding. In omnibus obligationibus in quibus dies non ponitur, praesenti die debetur. In all obligations in which no time is fixed for their fulfillment, the obligation is due immediately. Eisdem modis dissolvitur obligatio quae nascitur ex contractu, vel quasi, quibus contrahiiur. An obligation which arises in contract, or quasi connract, is dissolved in the same ways in which it is connracted. Idem est scire aut scire debet aut potuisse. To be bound to know or to be able to know is the same as to know. Nuda pactio obligationem non parit. A naked agreement does not effect an otherwise binding obligation. Impossibilium nulla obligatio est. One cannot be obliged to perform impossible tasks. Unumquodque dissolvitur eodem ligamine quo ligatur. Every obligation is dissolved by the same manner with which it is created. Omnia quae jure contrahuntur, contrario jure pereunt. All contracts which are entered into under a law, become void under a contrary law. Ignorantia eorum quae quis scire tenetur non excusat. Ignorance of those things which a person is deemed to know is no excuse. L’obligation sans cause, ou sur une fausse cause, ou sur cause illicite, ne peut avoir aucun effet. An obligation without consideration, or upon a false consideration, or upon unlawful consideration, cannot have any effect. Nudum pactum est ubi nulla subest causa praeter conventionem; sed ubi subest causa, fitobligatio, et parit actionem. A naked contract is where there is no consideration except the agreement; but, where there is a consideration, an obligation is created and gives rise to a right of action. obligation (Liability), noun accountability, amount due, charge, debit, debt, duty to pay money, indebtedness, indenture, outstanding debt, that which is owing, unliquiiated claim, unpaid debt See also: accountability, agreement, allegiance, arrears, assurance, bond, burden, charge, clause, cloud, coercion, commitment, compact, compulsion, condition, contract, cost, coverage, custody, debit, debt, delinquency, duress, enforcement, excise, expense, incumbrance, insurance, job, liability, lien, mortgage, need, pledge, policy, pressure, promise, provision, rate, recognizance, requirement, responsibility, restriction, security, specialty, stock, trust, undertaking, weight OBLIGATION. In its general and most extensive sense, obligation is
synonymous with duty. In a more technical meaning, it is a tie which binds
us to pay or to do something agreeably to the laws and customs of the
country in which the obligation is made. Just. Inst. 1. 3, t. 14. The term
obligation also signifies the instrument or writing by which the contract is
witnessed. And in another sense, an obligation still subsists, although the
civil obligation is said to be a bond containing a penalty, with a condition
annexed for the payment of money, performance of covenants or the like; it
differs from a bill, which is generally without a penalty or condition,
though it may be obligatory. Co. Litt. 172. It is also defined to be a deed
whereby a man binds himself under a penalty to do a thing. Com. Dig.
Obligation, A. The word obligation, in its most technical signification, ex
vi termini, imports a sealed instrument. 2 S. & R. 502; 6 Vern. 40; 1
Blackf. 241; Harp. R. 434; 2 Porter, 19; 1 Bald. 129. See 1 Bell's Com. b.
3, p. 1, c. 1, page 293; Bouv. Inst. Index, h.t.
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Most GARVEE bonds require obligational authority to be set aside at the beginning of the federal fiscal year (October 1st) in an amount equal to debt service, so debt payments through Sept. KYTC also covenants that if only a portion of the obligational authority is provided by the federal government, KYTC will reserve the same pro-rata share of that portion of the obligational authority for debt service for that year until the full amount is provided. |
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