Sources of Obligations

There may be various sources of obligations, including moral, ethical, and legal. For the purpose of understanding business law, the focus is on legal obligations which may be enforced against another person through the regular courts.

There are five sources of legal obligations, namely: (1) law; (2) contracts; (3) quasi-contracts; (4) acts or omissions punished by law; and (5) quasi-delicts.[1]

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Concept and Nature of Obligations

Learning business law starts with understanding rights and obligations. From commencement until termination, a business acquires rights and incurs obligations.

An obligation is a juridical necessity to give, to do or not to do.[1] Otherwise stated, an obligation is one that creates a compulsion on a person to do or not to do an act that may be enforced through legal processes. Continue reading here.