Debt and monetary obligation is what? Execution of obligations

Obligation is a legal relationship of a civil type, connecting among themselves certain persons who intend to carry out the action envisaged by the obligation in relation to each other. This can be the transfer of property or payment of its value, the performance of a particular type of work or reimbursement of costs as a result of the damage caused.

Scope of obligations

Obligation is one of the formats of relationships that can be applied in a wide variety of industries and spheres. Here you can talk about the relationship between different kinds of organizations and citizens. The concept mediates interaction in the production sector, in distribution and exchange, in entrepreneurship.

Obligatory relations are formed on the basis of contracts of purchase and sale, delivery, and also during transportation, in capital construction and in many other directions. Within the framework of market relations , the services listed above can be provided not only by enterprises, but also by private entrepreneurs. This format of partnership is relevant in connection with donations, loans and when issuing powers of attorney. An obligation is a relationship that can flow not only from contracts, but also arise on the basis of other aspects stipulated by law. Here you can talk about unilateral transactions, about administrative acts, about causing harm, about other things that form certain rights and obligations.

Participants in obligations

In the framework of obligations there is a debtor or an obliged person and a creditor who has the right of claim. The composition of the obligatory relations provides for the existence and rights and responsibilities of their participants. So, in accordance with the loan agreement, the creditor has all the rights to demand repayment of the loan from the debtor at the expiry of the contract term. When each of the parties, in accordance with the contract, imposes obligations on the opponent, it is considered a debtor of the second party and undertakes to take certain actions. In parallel, the party acts as a creditor, since it has the right to demand.

As an example, consider the situation. The tenant in the form of a debtor must maintain the leased property in an optimal condition. The landlord who acts in the person of the lender has the full right to demand the fulfillment of this moment from his tenant. Obligations can provide for not only the existence of claims, but also the existence of creditor obligations.

Equity relationships

Obligation is a universal format of legal relations, in which both a couple of persons and more can take part. With multiple persons, legal relations can be presented in a shared and joint format. Equity relationship is a format of partnership in which each of its private traders performs a certain debt, stipulated by the contract, or requires the part of the promised part. In the absence of a clear distribution of the size of shares, either legally or on the basis of a contract, all duties and rights are distributed evenly.

Joint legal relations

Solidarity obligations are also very common. What is it, try to understand gradually. This format of cooperation provides that the creditor has the full right to demand from each of the joint debtors to fulfill the obligations in full. Alternatively, each joint creditor has similar rights. When one of the joint debtors fully fulfills all obligations, all the others are released from responsibility. Claims can be presented both to an individual debtor and to all debtors simultaneously.

How is the fulfillment of obligations ensured?

Debt obligations - a format of relationships, which provides for the conscientious fulfillment of all tasks that only one party can take on. The contractual discipline is strengthened by the exact execution of all agreed moments. To avoid violation of the agreement, it is customary to use collateral.

It is worth noting:

• Penalties . This is a certain amount of money that the debtor will have to pay to the borrower in the event that he improperly or untimely fulfills his part of the arrangement.
• The pledge . This is a certain valuable property that is transferred to the creditor as a guarantee that the debtor will fulfill all of its obligations within a clearly defined time frame.
• The Surety . This is when a third party is in charge of the debtor's fulfillment of its obligations, ready to assume all responsibility for the refusal of the latter to fulfill its part of the agreement.
• Bank guarantee. It resembles a surety, only in this situation the financial institution itself acts as a third person.
• The withholding provides for the presence of the debtor's property from the creditor until such time as he has fulfilled all of his monetary obligations. This right is not prescribed in the contract.
• Deposit . This is a certain amount of material, which is transferred to the creditor as confirmation that the borrower will fulfill all its obligations.

Full responsibility

Obligation is such a relationship between the parties, within which full responsibility for non-fulfillment of a certain part of the contract is provided. Responsibility provides for unfavorable circumstances of a property type. This is a reduction in property benefits as a result of recovery of damages or in the payment of penalties. For example, small liabilities in the balance sheet. This is a statutory requirement to charge the employer for the main amount of salary additional funds in the event of late payment or in the situation when the employee works more hours than stipulated by the contract.

What is a promissory note?

Debt liability - in simple words, a receipt, is a document issued in a free form, which the creditor receives from the borrower when making a loan or loan. The paper, according to which the performance of obligations will take place, is a document within which the size of the loan is described and the terms for its return are indicated. The document grants the legal right to the creditor to recover the full amount of debt from the borrower at the end of the partnership. A debt obligation must be compiled in the event that the amount of the loan exceeds 10 times the size of the minimum wage.

Some technical issues

A debt receipt or a promissory note does not have a clearly defined form. Paper can be presented in both simple written form and certified by a notary. Both formats of the document have the same legal force, however, if there is a seal and the signature of a specialist in the occurrence of legal proceedings , the debtor does not have the slightest chance of escaping responsibility. Written obligations must contain all identification data, including residence registration and the address of actual residence. The debt receipt is returned to the borrower after the fulfillment of all obligations in full. When a party evades its obligations, litigation begins. If you ignore the court decision on the borrower, different penalties are imposed.