Warning
Info
Warning
Info
Simple English definitions for legal terms
litteris obligatio
Read a random definition: broker-dealer
A quick definition of litteris obligatio:
Term: LITTERIS OBLIGATIO
Definition: Litteris obligatio is a legal term from Roman law that refers to an obligation that arises from a written contract or entries in account books. A contract is an agreement between two or more parties that creates enforceable obligations. It can refer to the series of actions taken by the parties, the physical document that records the agreement, or the legal relations that result from the agreement. In simple terms, a contract is a promise that the law recognizes and can enforce.
A more thorough explanation:
Litteris obligatio (pronounced lit-uh-ris ob-li-gey-shee-oh) is a term from Roman law that refers to an obligation that arises from written entries in account books or literal contracts.
When two or more parties enter into an agreement that creates enforceable obligations, it is called a contract. A contract can be in the form of a written document or an oral agreement. In the case of litteris obligatio, the obligation arises from written entries in account books or literal contracts.
For example, if a person borrows money from a lender and signs a written agreement to repay the loan with interest, it is a literal contract. If the lender keeps a record of the loan and the repayments in an account book, it becomes a litteris obligatio.
Another example could be a business that keeps track of its transactions with customers in an account book. If a customer owes the business money for goods or services, it becomes a litteris obligatio.
In summary, litteris obligatio is an obligation that arises from written entries in account books or literal contracts.