Akademik

ob·li·ga·tion /ˌä-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 obligation 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 obligation, 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

4 in 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

1: 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

1: 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.