Legal Bond

A Legal Bond is a set of obligations that connects contractors to their contractual agreements.

• AKA: Vinculum Iuris.
• See: Obligation, Contractual Agreement, Contractual Term.

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References

2016

• (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/
  • Justinian first defines an obligation (obligatio) in his Institutiones, Book 3, section 13 as "a legal bond, with which we are bound by necessity of performing some act according to the laws of our State." He further separates the law of obligations into contracts, delicts, quasi-contracts, and quasi-delicts.

    Nowadays, obligation, as applied under civilian law, means a legal tie (vinculum iuris) by which one or more parties (obligants) are bound to perform or refrain from performing specified conduct (prestation). Thus an obligation encompasses both sides of the equation, both the obligor's duty to render prestation and the obligee's right to receive prestation. It differs from the common-law concept of obligation which only encompasses the duty aspect.

    Every obligation has four essential requisites otherwise known as the elements of obligation. They are:

1. the obligor: obligant duty-bound to fulfill the obligation; he who has a duty.
2. the obligee: obligant entitled to demand the fulfillment of the obligation; he who has a right.
3. the subject matter, the prestation: the performance to be tendered.
4. a legal bond, the vinculum juris: the cause that binds or connects the obligants to the prestation.

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