👉 Obligation, in Latin, means "a demand or obligation." It is a legal requirement that obligates someone to perform a specific act. In other words, it is an agreement between two parties where one party owes money to another party for some period of time. In the case of a contract, obligations are typically established when one party promises to fulfill certain terms and conditions. For example, if someone signs up for a gym membership, they owe the gym a monthly fee to continue using their
