An assignor is the party who assigns or transfers an agreement or contract to another entity or individual. In a legal context, this transfer of rights or interests enables the assignee to assume the assignor's privileges and obligations under the contract.
A condition subsequent is a provision in a contract that describes an event or act, upon the happening of which certain obligations under the contract terminate.
A creditor is an entity that is owed money, either for goods or services provided or as a result of a loan. Creditors have a legal right to claim the owed amount from the debtor.
A legal document transferring the title of property from its owner to a trustee, who holds it as security for a performance of obligations by the owner or a third party.
In business and finance, honor refers to accepting and paying an obligation when due, as well as recognizing significant accomplishments through rewards or accolades.
A contract in which the obligation of one or more parties, such as an obligation to pay money, deliver goods, or render services, is divided into a series of successive performances.
Level debt service is a provision in a municipal charter stipulating that payments on municipal debt be approximately equal every year, making it easier to project the amount of tax revenue needed to meet obligations.
Legal liability refers to obligations and responsibilities that are subject to evaluation, interpretation, and enforcement in a court of law. Casualty insurance provides coverage for an insured against civil legal liability suits, but not for criminal legal liability, intentional torts, or liability for breach of contract.
Novation refers to the cancellation of rights and obligations under one legal agreement and their replacement with new ones under another agreement. This process typically results in a change in the identity of one of the parties involved, such as in loan agreements.
An obligor is a person or entity that has a legal or contractual obligation to another party. This term is often used in legal and financial contexts, particularly in relation to bonds, loans, and other forms of debt.
The term 'On Demand' signifies an obligation that must be fulfilled upon request, often used in financial settings such as notes payable and demand notes.
Satisfaction of Debt refers to the release and discharge of an obligation where the performance is executed to fulfill a debt.
Several liability is a legal concept in which multiple parties can be held independently responsible for their own specified obligations or debts in a contractual agreement.
