A ________ Is a Potential Obligation That Depends on a Future

question 124

Short Answer

A ________ is a potential obligation that depends on a future event arising from a past transaction or event.

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Definitions:

Novation

A legal process that involves the replacement of an existing obligation with a new one, transferring the rights and duties to a different party.

Anticipatory Breach

An action in contractual agreements where one party indicates they will not fulfill their contractual obligations before the due time.

Abandonment

The act of giving up a legal right or interest with the intention of never claiming it again, often seen in property or relationship contexts.

Contractual Obligations

Duties that parties are legally bound to perform as specified in a contract, the failure of which could lead to legal consequences.