What is an outstanding obligation?
Table of Contents
What is an outstanding obligation?
Outstanding obligation . Means the obligation which has neither been closed out nor been settled.
What are the obligations of customer?
Customer Obligations means all obligations of every nature of Customer from time to time owed to Purchasers, Servicer, or any of the Purchaser Representatives under any Transaction Document, whether for the Aggregate Principal Outstanding, interest, Early Collection Fees, fees, expenses, indemnification or otherwise.
What is obligation and examples?
The definition of an obligation is something that someone is required to do. An example of obligation is for a student to turn in his homework on time every day. noun. 9. A moral or legal duty to perform or to not perform some action.
What are the types of obligation?
Forms of Obligation
- absolute obligation.
- contractual obligation.
- express obligation.
- moral obligation.
- penal obligation.
What is customer right and obligation?
Means right to be informed about the quality, quantity, potency, purity, standard and price of goods so as to protect the consumer against unfair trade practices. Consumer should insist on getting all the information about the product or service before making a choice or a decision.
What is obligation of customer to the bank?
1) The foremost duty of a customer is to comply with the KYC norms that have become universal now. 2) The customer must co-operate with the bank in following all the standard rules and procedures, without asking for any exemption/waiver. 3) The customer must remember his bank account number.
What is an obligation in business?
The definition of obligation in business law refers to contract laws that require a party to either do something or keep from doing something. One example is the obligation to repay a mortgage loan when you buy a house. Most contracts have a penalty associated with failure to fulfill an obligation.
What is obligation in simple words?
something by which a person is bound or obliged to do certain things, and which arises out of a sense of duty or results from custom, law, etc. something that is done or is to be done for such reasons: to fulfill one’s obligations. a binding promise, contract, sense of duty, etc.
What is the concept of obligation?
Primary tabs. The popular meaning of the term “obligation” is a duty to do or not to do something. In its legal sense, obligation is a civil law concept. An obligation can be created voluntarily, such as one arising from a contract, quasi-contract, or unilateral promise.
What are obligations in business?
An obligation is the responsibility of a party to meet the terms of a contract or agreement. If an obligation is not met, the legal system often provides recourse for the injured party.
What is your obligation?
Definition of obligation 1 : the action of obligating oneself to a course of action (as by a promise or vow) 2a : something (such as a formal contract, a promise, or the demands of conscience or custom) that obligates one to a course of action made an obligation to pay their children’s college expenses.
What is obligation and duty?
Obligation can be defined as something that is imposed on an individual due to some framework such as laws, rules and regulations and even agreements. • Duty comes from the sense of morality which guides the individual to perform a particular task or activity.
What are the 5 responsibilities of a consumer?
Five consumer responsibilities include staying informed, reading and following instructions, using products and services properly, speaking out against wrongdoing and lawfully purchasing goods and services.
Do banks owe a duty of care to customers?
Case law against banks have established that banks owe a limited duty of care to customers. However these duties are fairly light, for example against deliberate mis-selling or providing misleading information, and if providing advice, ensuring that such advice is full and accurate.
What are types of obligation?
What types of obligations are important in business?
Key legal obligations for the company and its directors include:
- Operate the company in accordance with its articles of association.
- Keep the company records up to date.
- File your company accounts and corporation tax return.
