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Obligation |
Definition - Noun 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 employer> <a contractual ~>
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.
Pronunciation"ä-bl&-
'gA-sh&n
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Pronunciation Key
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- \&\ as a and u in a b ut
- \[^&]\ as e in kitt en
- \&r\ as ur and er in f urther
- \a\ as a inash
- \A\ as a in ace
- \?\ as o in m op
- \au\ as ou in ou t
- \ch\ as ch in ch in
- \e\ as e in bet
- \E\ as ea in easy
- \g\ as g in go
- \i\ as i in hit
- \I\ as i in ice
- \j\ as j in job
- \[ng]\ as ng in sing
- \O\ as o in go
- \o\ as aw in law
- \oi\ as oy in boy
- \th\ as th in thin
- \[th_]\ as thin the
- \?\ as oo in loot
- \u\ as oo in foot
- \y\ as y in yet
- \zh\ as si in vision
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Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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