A is a legal duty that one party owes to another under the terms of a valid contract. Once a contract is formed (offer, acceptance, consideration, and mutual intent to be bound), each party must perform their promised actions—or refrain from doing something—as agreed.
We are entering a new era of contractual obligation: contractual obligation
| Type of Obligation | Example | |--------------------|---------| | | A company must pay a freelancer $5,000 within 30 days of project completion. | | Performance of service | A plumber agrees to fix a leak by Friday. | | Delivery of goods | A supplier ships 100 units to a retailer by a specified date. | | Non-disclosure | An employee cannot share trade secrets after leaving the company. | | Non-compete | A former partner does not open a competing business within 10 miles for 2 years. | A is a legal duty that one party