obligation

1 :  something a person must do because of the demands of a promise or contract Make sure you know your rights and obligations before you sign.

2 :  something a person feels he or she must do :  duty I can't go because of other obligations.

3 :  a feeling of being indebted for an act of kindness Don't feel any obligation to return the favor.

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 obligations 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) collateralized debt obligation :  a security backed by a pool of diversified securities that usually do not include mortgages collateralized loan obligation :  a security backed by a pool of commercial loans collateralized mortgage obligation :  a bond collateralized by a pool of mortgage obligations or pass-through securities and paid according to the maturity and amortization schedule of its class and not directly from the underlying obligations —called also CMO

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 obligation, 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 obligation as an employer a contractual obligation

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 Editor's note: 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. conditional obligation :  an obligation that is dependent on an uncertain event conventional obligation :  an obligation taking the form of a contract heritable obligation :  an obligation that may be enforced by the successor of the obligee or against the successor of the obligor joint obligation 1 :  an obligation binding different obligors to a performance for one obligee 2 :  an obligation binding one obligor to a performance for different obligees Editor's note: In civil law, one of two or more obligors in a joint obligation is only liable for his or her portion of the performance. natural obligation :  an obligation arising from moral duty that is implied but not enforceable by the law several obligation 1 :  any of the obligations binding different obligors to separate performances for one obligee 2 :  any of the obligations binding an obligor to separate performances for different obligees solidary obligation :  an obligation under which any of two or more obligors can be held liable for the entire performance (as payment of a debt) Editor's note: Solidary obligation is similar to joint and several liability in common law.