The words "creditor" and "debtor" apply not only in respect of a claim for money, but to a claim for anything else that is owed-whether unconditionally, conditionally, or in the future. The right created by an obligation is personal, a ius in personam, as opposed to a real right ( ius in re). An obligation is a legal bond ( vinculum iuris) between two or more parties, obliging the obligor (the "debtor") to give, do or refrain from doing something to or for the obligee (the "creditor"). The modern concept of contract is generalised so that an agreement does not have to conform to a specific type to be enforced, but contracting parties are required to conduct their relationship in good faith ( bona fides).Ĭontract and the law of obligations Ĭontract law forms part of the law of obligations.
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