Legal Definitions - law of obligations

Definition: The law of obligations is a category of law that deals with the rights and responsibilities between two parties, known as the obligor and obligee. This type of law focuses on proprietary rights in personam, which means that it deals with the relations between the two parties involved.

For example, if you borrow money from a bank, you become the obligor and the bank becomes the obligee. The law of obligations would govern the terms of the loan agreement, including the amount borrowed, the interest rate, and the repayment schedule. If you fail to repay the loan, the bank may take legal action against you to recover the money owed.

Another example of the law of obligations is a contract between two parties. When two parties enter into a contract, they both have certain obligations to fulfill. If one party fails to fulfill their obligations, the other party may take legal action to enforce the terms of the contract.

Overall, the law of obligations is an important area of law that helps to ensure that individuals and businesses fulfill their legal responsibilities to one another.