👉 Obligation is a legal obligation that obligates an individual or entity to perform certain actions, such as paying rent, providing goods or services to another party, or fulfilling other obligations. The term "obligation" refers to a legal requirement or duty owed by one party to another. It can be either a legal contract or a formal obligation. In many contexts, the term "obligement" is used in conjunction with the concept of "liability," which refers to an individual's
