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Obligation _HOT_



An obligation is a course of action that someone is required to take, whether legal or moral. Obligations are constraints; they limit freedom. People who are under obligations may choose to freely act under obligations. Obligation exists when there is a choice to do what is morally good and what is morally unacceptable.[1] There are also obligations in other normative contexts, such as obligations of etiquette, social obligations, religious, and possibly in terms of politics, where obligations are requirements which must be fulfilled. These are generally legal obligations, which can incur a penalty for non-fulfilment, although certain people are obliged to carry out certain actions for other reasons as well, whether as a tradition or for social reasons.




obligation



Obligations vary from person to person: for example, a person holding a political office will generally have far more obligations than an average adult citizen, who themselves will have more obligations than a child.[2] Obligations are generally granted in return for an increase in an individual's rights or power.


An obligation is contract between an individual and the thing or person to which or whom they are obligated. If the contract is breached the individual can be subject to blame. When entering into an obligation people generally do not think about the guilt that they would experience if the obligation is not fulfilled; instead they think about how they can fulfil the obligation. Rationalists argue people respond in this way because they have a reason to fulfill the obligation.[3] According to the sanction theory, an obligation corresponds to the social pressures one feels, and is not simply derived from a singular relationship with another person or project. In the rationalist argument, this same pressure adds to the reasons people have, thereby strengthening their desire to fulfill the obligation. The sanction theory states there needs to be a sanction in order for a duty to be a moral duty.[3]


Sociologists believe that obligations lead people to act in ways that society deems acceptable. Every society has their own way of governing, they expect their citizens to behave in a particular manner. Not only do the citizens have to oblige to the societal norms, they want to, in order to assimilate to society.[4] Some philosophers on the other hand, argue that rational beings have moral duties, they make a choice to either fulfill these moral duties or disregard them. They have a moral responsibility to fulfill their obligations. Duty is seen as the response to an individual's obligations. Obligations require an action being done and duty is the carrying out of this action.[5] Sociologists believe that an obligation is an objective force. Some philosophers however, believe obligations are moral imperatives.[4]


Written obligations are contracts. They legally bind two people into an agreement. Each person becomes responsible for doing their part of the contract. A legal contract consists of an offer, an acceptance of that offer, an intention to bind to one another in a legal agreement and a consideration, something of value to be exchanged.[6]


A political obligation is a requirement for the citizens of a society to follow the laws of that society.[7] There are philosophical issues, however, about whether a citizen should follow a law simply because it is a law. There are various views about whether a political obligation is a moral obligation. John Rawls argues that people do have political obligations because of the principle of fairness. Humanity benefits from the joint effort of the government, so, in fairness, they should be active and supportive members of this effort.[7] There are people, however, such as Robert Nozick, who argue enjoyment of a community effort does not mean obligation to that effort.[7]


Social obligations refer to the things humans as individuals accept because it is collectively accepted.[8] When people agree to a promise or an agreement, they are collectively consenting to its terms. Humanity is obligated to fulfil that promise or agreement.[8]


English law distinguishes in some case law between primary and secondary obligations. A "secondary obligation" is a duty which arises in law as a consequence of another, primary, obligation.[9] A person may themselves incur a obligation to perform a secondary obligation, for example, as a result of them breaching their primary obligation, or by another party breaching an obligation which the secondary obligor has guaranteed.


Under the Louisiana Civil Code, "stipulated damages" create a secondary obligation for the purpose of enforcing a principal obligation. An aggrieved party may demand either the stipulated damages or the performance of the principal obligation, but may not demand both except for delay.[14]


Obligation also is the step in the funding process under contract authority programs where Congress most commonly imposes budgetary controls. This usually involves the imposition of limitations on Federal-aid Highway Program (FAHP) obligations. Chapter 5 describes these limitations.


An appropriations act is a congressional action that makes funds available for obligation and expenditure with specific limitations as to amount, purpose, and duration. As described in Chapter 2, most Federal programs are funded through appropriated budget authority, courtesy of an appropriations act. However, as the FAHP operates under contract authority, the appropriations act serves a different function for FHWA.


For the Federal highway program, the continuing resolution provides the obligation limitation for the CR period. It also provides liquidating cash, which allows FHWA to liquidate State obligations (pay States) for projects that are underway.


EMIR includes the obligation to centrally clear certain classes of over-the-counter (OTC) derivative contracts through Central Counterparty Clearing (CCPs). For non-centrally cleared OTC derivative contracts, EMIR establishes risk mitigation techniques.


The Regulation (EU) 2019/834 amending EMIR, EMIR Refit, introduces changes in the OTC regulatory framework. Some of the most relevant aspects include a change on the way to determine which counterparties are subject to the clearing obligation and the inclusion of a mechanism to suspend the clearing obligation.


The clearing obligation procedure started in Q1 2014 following the first EU CCPs authorisations. Since then, ESMA has analysed several classes of interest rate, credit, equity and foreign-exchange OTC derivatives and proposed some of them for the clearing obligation.


Each Successor Agency is responsible for preparing a ROPS in a manner provided by Finance, listing the enforceable obligations of the former RDA and their source of payment. ROPS are subject to the approval of the local Oversight Board.


Pursuant to HSC section 34177.7 (o) (1) (E), once per Recognized Obligation Payment Schedule period, and no later than October 1, a successor agency may submit one amendment to the Recognized Obligation Payment Schedule approved by the department pursuant to this subdivision, if the oversight board makes a finding that a revision is necessary for the payment of approved enforceable obligations during the second one-half of the Recognized Obligation Payment Schedule period, which shall be defined as January 1 to June 30, inclusive.


Companies may have legal obligations resulting from the inclusion of substances in the Candidate List. These obligations, which are effective from the date of inclusion, refer not only to the listed substances on their own or in mixtures but also to their presence in articles.


EU and EEA producers or importers of articles have to notify ECHA if their article contains a substance on the Candidate List. This obligation applies if the substance is present in those articles in quantities totalling over one tonne per producer or importer per year and if the substance is present in those articles above a concentration of 0.1% w/w.


The recipient is required to verify their employment history on an annual basis until they have successfully fulfilled their service obligation. On an annual basis the recipient will report their employment history to MHEC by submitting an Annual Service Questionnaire provided to the student by the Office of Student Financial Assistance.


Scholar and social activist Chuck Collins defines his universe of obligation differently from the example Sacks offers. In the 1980s, Collins gave the half-million dollars that he inherited from his family to charity. Collins told journalist Ian Parker:


Section 9(b) of Article X of the Constitution permits the issuance of general obligation debt for capital projects upon authorization by the General Assembly, and upon approval by a majority of the voters at referendum. The last referendum was held in 2002, when general obligation bonds were authorized for up to $900.5 million for capital projects at educational facilities of the Commonwealth. In the same year, up to $119.0 million was authorized for state park and recreational facilities. These bonds have all been issued.


Section 9(c) of Article X of the Constitution permits the issuance of general obligation bonds without voter approval for specific revenue-producing capital projects secured by net revenues derived from rates, fees and charges of the project, and the full faith and credit of the Commonwealth. The debt must be authorized by the affirmative vote of two-thirds of the members elected to each house of the General Assembly. 9 (c) Bonds are frequently authorized and issued for revenue producing projects such as higher education dormitories and dining facilities.


The four-month servicer advance obligation limit for loans in forbearance provides stability and clarity to the $5 trillion Enterprise-backed housing finance market," said FHFA Director Mark Calabria. Mortgage servicers can now plan for exactly how long they will need to advance principal and interest payments on loans for which borrowers have not made their monthly payment." 041b061a72


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