lilypadfrog
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LSDefine
Simple English definitions for legal terms
current obligation
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A quick definition of current obligation:
A current obligation is something you have to do or pay right now. It can be a legal or moral duty, like paying your rent or returning a borrowed item. Obligations can also come from contracts or agreements you make with others. Some obligations can be divided or changed, while others must be fulfilled exactly as agreed. Obligations can be enforced by law or just based on your conscience.A more thorough explanation:
A current obligation is a legal or moral duty that a person must do or not do. It can be imposed by law, contract, promise, social relations, courtesy, kindness, or morality. It can also be a formal, binding agreement or acknowledgment of a liability to pay a certain amount or to do a certain thing for a particular person or set of persons.
For example, if you borrow money from a friend and promise to pay it back within a month, that promise is a current obligation. If you sign a contract to deliver goods to a customer within a specific timeframe, that contract creates a current obligation.
Current obligations are enforceable at the present time, but they are not past due. This means that if you fail to fulfill your current obligation, the other party can take legal action against you to enforce it.