Legal Definitions - writing obligatory

A writing obligatory refers to a formal, legally binding document that contains a promise or commitment to perform a specific action, or to pay a certain sum of money. It essentially creates a duty or obligation for the person who signs it, often with consequences if the terms are not met. While the term itself is somewhat archaic, the concept is fundamental to many modern legal and financial agreements.

Here are some examples to illustrate this concept:

• Example 1: A Promissory Note for a Business Loan

  Imagine a small business owner secures a loan from a private investor to expand their operations. The investor requires the business owner to sign a detailed document outlining the loan amount, interest rate, repayment schedule, and a clear promise to repay the funds. This document is a writing obligatory.

  How it illustrates the term: The promissory note is a written agreement that formally obligates the business owner to repay the loan. It creates a legal duty for them to fulfill the financial terms, and failure to do so would have legal consequences, such as default proceedings.

• Example 2: A Contractor's Performance Bond

  A city government hires a construction company to build a new public library. To ensure the project is completed according to the agreed-upon specifications and within the timeline, the city requires the construction company to provide a performance bond. This bond is issued by a third-party surety company.

  How it illustrates the term: The performance bond acts as a writing obligatory. It is a written promise from the surety company that if the construction company fails to perform its contractual duties (e.g., abandons the project or does shoddy work), the surety will step in to ensure the project's completion or compensate the city for damages. This bond creates a binding obligation to guarantee performance.

• Example 3: A Bail Bond in a Criminal Case

  A person arrested for an alleged crime is granted bail, allowing them to be released from custody before their trial. To secure their release, a bail bond is posted, often through a bail bond agent. This bond guarantees the accused will appear in court for all scheduled proceedings.

  How it illustrates the term: The bail bond is a writing obligatory. It is a written commitment, typically backed by a financial amount, that the accused will fulfill their obligation to appear in court. If the accused fails to appear, the bond is forfeited, demonstrating the binding nature of this written promise to the court.