Obligations

From DaynalWiki
Jump to: navigation, search
Lighterstill.jpg
Caravaggio slaying of isaac detail 200.jpg

Etymology

Action of pledging (1235 in Old French), legal bond (1283), moral constraint (c1370; French obligation) and their etymon classical Latin oblig{a}ti{o}n-, oblig{a}ti{o} action of pledging, legal bond, legal liability, in post-classical Latin also a bond, constraint (Vulgate), a binding agreement (5th cent.) Date: 14th century

Definitions

1 : the action of obligating oneself to a course of action (as by a promise or vow) 2 a : something (as a formal contract, a promise, or the demands of conscience or custom) that obligates one to a course of action

b : a debt security (as a mortgage or corporate bond)
c : a commitment (as by a government) to pay a particular sum of money; also : an amount owed under such an obligation <unable to meet its obligations, the company went into bankruptcy>

3 a : a condition or feeling of being obligated

b : a debt of gratitude

4 : something one is bound to do : duty, responsibility

Description

An obligation is a requirement to take some course of action, whether legal or moral. There are also obligations in other normative contexts, such as obligations of etiquette, social obligations, and possibly in terms of politics, where obligations are requirements which must be fulfilled. These are generally legal obligations, which can incur a penalty for unfulfilment, although certain people are obliged to carry out certain actions for other reasons as well, whether as a tradition or for social reasons. Obligations vary from person to person: for example, a person holding a political office will generally have far more obligations than an average adult citizen, who themselves will have more obligations than a child. Obligations are generally granted in return for an increase in an individual’s rights or power.

The word "obligation" can also designate a written obligation, or such things as bank notes, coins, checks, bonds, stamps, or securities.[1]