OBLICON DEFINITION OF TERMS
Obligation
It is a tie or bond recognized by the state by virtue of which where one party renders a service (give, do,
or not do) to another
Juridicial necessity
In the case of noncompliance, the courts of justice may be called upon by the aggrieved to enforce
fulfillment or give the monetary value it represents
Requisites of an obligation
1. Debtor/Obligor; 2. Creditor; obligee; 3 Prestation; 4. Legal tie
Prestation
