Contracts
A contractual obligation is a legal duty that arises when parties enter into a contract, requiring them to fulfill specific terms and conditions outlined in that agreement. These obligations can involve the performance of actions, payment of money, or refraining from certain activities, and they serve as the foundation for legal remedies if one party fails to comply. The significance of contractual obligations extends to various aspects of contract law, including enforcement mechanisms like specific performance and injunctions, as well as concepts related to unjust enrichment and implied agreements.
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