Principal obligation

PRINCIPAL OBLIGATION. That obligation which arises from the principal object of the engagement which has been contracted between the parties. It differs from an accessory obligation. (q.v.) For example, in the sale of a horse, the principal obligation of the seller is to deliver the horse; the obligation to take care of him till delivered is an accessory engagement. Poth. Obl. n. 182. By principal obligation is also understood tho engagement of one who becomes bound for himself and not for the benefit of another. Poth. Obl. n. 186.

References in periodicals archive ?
Ever since its establishment, Oman Arab Bank (OAB) has made it its principal obligation to cultivate the skills of its employees in a manner that enables them to perform to the best of their capabilities.
"Providing efficient and affordable public transportation services is a principal obligation of the state to its citizens," she said."Handing public transportation services over to private corporations would be disastrous to public interests, particularly commuters and wage earners," she added.
Emphasizing the need for using diplomatic tools in resolving the challenges to international peace and security, Ambassador Lodhi reminded the Council that 'promoting peace' has been the principal obligation and goal of the UN.
What is lost is merely the right to foreclose the mortgage as a special remedy for satisfying or settling the indebtedness which is the principal obligation. In case of nullity, the mortgage deed remains as evidence or proof of a personal obligation of the debtor and the amount due to the creditor may be enforced in an ordinary action.
The district judge found that Liberty Mutual should have paid the judgment against Smith in July 2014, and Liberty Mutual does not contest that decision to the extent that the principal obligation is capped at $25,000.
He stressed that supporting the Palestinians and their cause is a principal obligation for the Muslims.
In technical terms they are a method of exchanging the underlying economic basis of a debt or asset without affecting the underlying principal obligation on the debt or the asset.
Creation and Subsequent Modification of the Principal Obligation B.
Firstly, the penalty, as a kind of security of obligation, is an additional obligation in relation to the principal obligation; consequently, where the transaction from which the obligation has arisen is declared void, any agreement upon the security of performance of such an obligation, by way of penalty, shall be equally void.
On the other hand, the principal obligation undertaken by the United States under the NPT is to "pursue negotiations in good faith on effective measures relating to cessation of the nuclear arms race at an early date and to nuclear disarmament."
"Also, the banking sector is not meeting its principal obligation, which is to offer loans and support productive activities."
The principal obligation of result reflected in article 2 (1) is to take steps "with a view to achieving progressively the full realization of the rights recognized" in the Covenant.

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