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Obligor
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elements of bot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Obligations
The law of obligations is one branch of private law under the civil law (legal system), civil law legal system and so-called "mixed" legal systems. It is the body of rules that organizes and regulates the rights and duties arising between individuals. The specific rights and duties are referred to as ''obligations'', and this area of law deals with their creation, effects and extinction. An obligation is a legal bond (''vinculum iuris'') by which one or more parties (obligants) are bound to act or refrain from acting. An obligation thus imposes on the ''obligor'' a duty to perform, and simultaneously creates a corresponding right to demand performance by the ''obligee'' to whom performance is to be tendered. History The word originally derives from the Latin "obligare" which comes from the root "lig" which suggests being bound, as one is to God for instance in "re-ligio". This term first appears in Plautus' play Truculentus at line 214. Obligations did not originally form part of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
