Financial Obligation
/ˌfaɪnænʃəl ˌɑblɪˈɡeɪʃən/
Definitions
- (n.) A legally binding duty to pay money or deliver assets to another party.
The debtor's financial obligation must be fulfilled by the due date.
- (n.) Any contractual or statutory duty involving monetary payments or liabilities.
The contract created a financial obligation on both parties to cover damages.
Forms
- financial obligations
Related terms
See also
Commentary
Financial obligation is often used interchangeably with debt but may encompass broader contractual duties beyond borrowings.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.