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LSDefine
Simple English definitions for legal terms
several obligation
Read a random definition: parol contract
A quick definition of several obligation:
An obligation is a duty to do something or not do something, either because of a law, contract, promise, or moral code. It can also be an agreement to pay a certain amount or do a certain thing for someone else. There are different types of obligations, such as those that require strict fulfillment, those that are incidental to another obligation, and those that can be satisfied in different ways. Obligations can also be joint or several, depending on how many people are involved. Some obligations are legally enforceable, while others are based on moral or personal values.A more thorough explanation:
Definition: A legal or moral duty to do or not do something that binds two or more debtors to separate performances for one creditor or one debtor to separate performances for two or more creditors.
Example: A company owes money to three different suppliers. The company has a several obligation to pay each supplier separately, and each supplier has a right to demand payment from the company individually.
This example illustrates how a several obligation creates separate performances for each creditor. The company is obligated to pay each supplier separately, and each supplier has a right to demand payment individually. This type of obligation is different from a joint obligation, where two or more debtors are bound to a single performance for one creditor or one debtor is bound to a single performance for two or more creditors.