Conditional Obligation - Law Dictionary Search Results
Home Dictionary Name: conditional obligationconditional obligation
conditional obligation see obligation ...
obligation
obligation 1 : a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment) ;also : the binding power of such an agreement or indication [held that the amendment did not unconstitutionally impair the s of contracts "Davis v. American Family Mut. Ins. Co., 521 N.W.2d 366 (1994)"] 2 : a debt security (as a corporate or government bond) see also collateralized mortgage obligation 3 : what one is obligated to do, satisfy, or fulfill: as a : a commitment to pay a particular amount of money [does not create a debt, liability, or other , legal or moral "State v. Florida Dev. Fin. Corp., 650 So. 2d 14 (1995)"] ;also : an amount owed in such a commitment b : a duty arising from law, contract, or morality [had a legal as an employer] [a contractual ] 4 in the civil law of Louisiana : a relationship that binds one party to a performance (as a payment or transfer) or nonperformance for another party see also contract, offense, quasi-offen...
condition
condition 1 : an uncertain future act or event whose occurrence or nonoccurrence determines the rights or obligations of a party under a legal instrument and esp. a contract ;also : a clause in the instrument describing the act or event and its effect concurrent condition : a condition that is to be fulfilled by one party at the same time that a mutual condition is to be fulfilled by another party condition implied in law : constructive condition in this entry condition precedent [-pri-sēd-nt, -pre-sə-dənt] : a condition that must be fulfilled before performance under a contract can become due, an estate can vest, or a right can become effective condition subsequent : a condition whose fulfillment defeats or modifies an estate or right already in effect or vested or discharges an already existing duty under a contract constructive condition : a condition created by operation of law called also condition implied in law compare express condition in this entry e...
Condition
Condition. An event upon which a right under contract or to property may arise, become altered, or cease. Condition has been used in connection with personal obligations to distinguish one kind of obligation from another in the same transaction and to limit property. In their primary meaning, conditions precedent are events, but for the happening of which, rights will not arise.A condition subsequent puts an end to a state of things which, but for its happening, would have continued. Dependent or collateral conditions depend upon their mutual fulfilment as in a contract for sale of land where, unless otherwise agreed, the payment of the purchase money is conditional upon the conveyance and vice versa.Conditions may be imposed by the parties, either expressly or by necessary implication arising our of the construction of the document or agreement, or they may be implied bylaw according to the nature of the transaction.A peculiarity of conditions precedent is that an illegal or impossibl...
Obligation
Obligation, an act which binds a person to some performance; also a bond containing a penalty, with a condition annexed for paying of money at a certain time, or for the performance of a covenant, etc.; also foreign government and other bonds and debentures.In Bhudeb Mookerjee v. Kalachand Malik, 34 Cal LJ 315: AIR 1921 Cal 129, that the word obligation in s. 54 of the Specific Relief Act may be taken to be a tie or bond which constrains a person to do or suffer something. It implies a right in another person to which it is correlated and it restricts the freedom of the obligee with respect to definite acts and forbearances but in order that it may be enforced by a court, it must be a legal obligation and not merely moral, social or religious, Hyderabad Stock Exchange Ltd. v. Rangnath Rathi and Co., AIR 1958 AP 43 (47). [Specific Relief Act, 1877, s. 54]Means 'a duty; the bond of legal necessity which binds together two or more determinate individuals. It is limited to legal duties ari...
Double or conditions bond
Double or conditions bond, the ordinary form of bond came to be one accompanied by a condition in the nature of a defeasance, the performance of the condition generally being secured by a penalty. This form of bond is called a double or conditional bond, and consists of two parts: First, the obligation, and secondly, the condition, Guyana and Trinidad Mutual Fire Insurance Co. Ltd. v. R.K. Plummer & Associates Ltd., (1992) 8 Const LJ 171 PC...
Mortgage by conditional sale
Mortgage by conditional sale, the definition of a mortgage by conditional sale postulates the creation by the transfer of a relation of mortgagor and mortgagee, the price being charged on the property conveyed. In a sale coupled with an agreement to reconvey there is no relation of debtor and creditor nor is the price charged upon the property conveyed, but the sale is subject to an obligation to retransfer the property within the period specified, P.L. Bapuswami v. N. Pattay Gounder, AIR 1966 SC 902 (903): (1966) 2 SCR 918; See also Bhaskar Waman Joshi v. Shrinarayan Rambilas Agarwal, AIR 1960 SC 301: (1960) 2 SCR 117. [Transfer of Property Act, 15 s. 58 (c)]...
Precedent condition
Precedent condition, such as must happen or be performed before an estate can vest or be enlarged, or an obligation be performed. See CONDITION PRECEDENT....
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Resolutory condition
Resolutory condition, one the accomplishment of which revokes a prior obligation....
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