Obligation

/ˌɒblɪɡˈe‍ɪʃən/

/ˌɑbɫəˈɡeɪʃən/

Obligation

an action that one must perform because they are legally or morally forced to do so

the state of being forced to do something in a way that conforms to the law or is morally acceptable

a legal agreement specifying a payment or action and the penalty for failure to comply

a written promise to repay a debt

a personal relation in which one is indebted for a service or favor

Example

The company successfully commuted high-interest obligations to lower-interest bonds.

The partnership agreement outlines each partner's responsibilities and obligations.

Feudal relationships were characterized by obligations of loyalty and protection between lords and vassals.

The contractual terms outline the obligations and rights of each party.

The partnership agreement outlines the duties and obligations as between the partners.

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LanGeekDictionary