Legal Definitions - correal obligation

A correal obligation is a legal relationship in which one person, the obligor, is bound to render a performance in favor of another, the obligee. It is a joint and several obligation, meaning that multiple parties are responsible for fulfilling the obligation. For example, if two people borrow money together, they are both responsible for paying back the entire amount, not just their share.

Another example of a correal obligation is a joint lease agreement. If two people sign a lease together, they are both responsible for paying the rent and fulfilling the terms of the lease. If one person fails to pay their share, the other person is still responsible for the entire amount.

Correal obligations are common in business and personal relationships where multiple parties are involved in a transaction or agreement. It is important to understand the terms of a correal obligation before entering into any agreement to avoid any misunderstandings or legal issues.