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Simple English definitions for legal terms
contractual obligation
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A quick definition of contractual obligation:
A contractual obligation is a legal or moral duty to do something that comes from a contract or agreement. It means that someone has promised to do something or not do something, and they have to follow through with it. Obligations can be things like paying money or doing a specific task. Sometimes, obligations can be enforced by law, but other times they are just based on being a good person and doing what you said you would do.A more thorough explanation:
A contractual obligation is a legal or moral duty that arises from a contract or agreement between two or more parties. It can refer to anything that a person is bound to do or not do, whether the duty is imposed by law, promise, social relations, courtesy, kindness, or morality.
For example, if you sign a lease agreement with your landlord, you have a contractual obligation to pay rent on time and take care of the property. If you enter into a loan agreement with a bank, you have a contractual obligation to repay the loan with interest according to the terms of the agreement.
Contractual obligations are legally enforceable, which means that if you fail to fulfill your obligations, the other party can take legal action against you to seek damages or other remedies.