Oblicon A1
Oblicon A1
Oblicon A1
Assignment No. 1
Essay. Explain your answer in at least five (5) sentences. (10 points
each)
a) In your own understanding, what are obligations? And what are
Contracts?
For me, Obligations and Contracts are different from one another yet they are connected to
each other. Obligations are the promises, or things we must do or accomplish in compliance to
the law. While a contract is a material that will prove an obligation or agreement signed by two
parties. Contracts are also helpful in every kind of industry whether it is business or not because
it makes each and every obligation clear and understandable. Knowing and understanding this
concept is also a big help in realizing what are the obligations in this society as a person.
b) What do you think will happen if a person would breach his legal and
contractual obligations?
-Breach of contract is the inability to fulfill the specifications of the contract by one party without
any legal reason. Those who are proven guilty of a breach of contract may not be imprisoned as
it is a civil case, and not a crime. They can, however, receive a complaint by the other party.
And must be held liable for all the damages. Lastly, the guilty party must also remedy the
breach.