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An obligation is a course of action which someone is required to take, be it a legal obligation or a moral obligation. Obligations are constraints; they limit freedom. People who are under obligations may choose to freely act under obligations. Obligation exists when there is a choice to do what is morally good and what is morally unacceptable. [1]
The law of obligations is one branch of private law under the civil law legal system and so-called "mixed" legal systems. It is the body of rules that organizes and regulates the rights and duties arising between individuals.
Obligations have traditionally been divided into contracts, which are voluntarily undertaken and owed to a specific person or persons, and obligations in tort which are based on the wrongful infliction of harm to certain protected interests, primarily imposed by the law, and typically owed to a wider class of persons. Research in business and ...
An equitable obligation is a duty based on ethical or moral considerations. A constructive obligation is an obligation that is implied by a set of circumstances in a particular situation, as opposed to a contractually based obligation. The accounting equation relates assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity
Obligations, like contracts and torts, are conceptualised as rights good between individuals. [204] The idea of property raises many further philosophical and political issues. Locke argued that our "lives, liberties and estates" are our property because we own our bodies and mix our labour with our surroundings.
This duty can be to act or to refrain from acting. For example, many jurisdictions recognize broad claim rights to things like "life, liberty, and property"; these rights impose an obligation upon others not to assault or restrain a person, or use their property, without the claim-holder's permission. Likewise, in jurisdictions where social ...
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Political obligation refers to a moral requirement to obey national laws. [1] Its origins are unclear, however it traces to the Ancient Greeks . The idea of political obligation is philosophical, focusing on the morality of laws, rather than justice.