obligation
Definition 1
General: Bond of moral duty (whether of necessity or of one's own choosing) that ties two or more parties together.
Definition 2
Accounting: Duty to make future payment that is incurred as soon as a purchase order is placed, encumbers a certain sum of money, and is called obligation incurred.
Definition 3
Legal: Liability or duty to do something or refrain from doing something under the terms of a contract, such as the obligation of a borrower (the obligor) to pay back the lender (the obligee) under the terms of the loan agreement. Obligations usually involve a penalty for non-fulfillment.
obligation is in the Accounting & Auditing, Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.
obligation appears in the definitions of the following terms:
prudent risk management,
record,
pass through security,
mistake of fact,
obligation basis of accounting,
undertaking,
statute barred,
collateral contract,
duty of fair representation,
subscription shares
and
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