Difference between revisions of "Obligation"
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Revision as of 17:51, 6 September 2021
Definition
An Obligation is a duty or responsibility that an entity has no practical ability to avoid while acting in compliance with applicable rules or law.
In financial context an obligation is a Claim by another party that results in monetary amounts owed to that party (or parties). The other party (or parties) could be a Person or a Legal Entity, a group of people or other entities, or society at large.
