Definition - What does Obligation mean?
An obligation is a legal requirement of some type usually with regard to a duty to perform a specific act. The act that is required to be performed can vary. An obligation exists when there is a legal requirement on a person to fulfil a specific action with regard to another person or party. When a person enters into an agreement they are considered to have an obligation to fulfill the specifics contained within the contract.
Justipedia explains Obligation
An obligation is a general term that is used to describe any necessity or requirement a person has to undertake. The term is widely used in both a common and legal context but always holds the same meaning: a requirement to fulfill an act or function based on a legal requirement.
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