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An obligation is a binding duty to perform a specific action or to refrain from it. It is a central concept in law and ethics, governing how individuals and organizations must behave. The term derives from the Latin obligatio, meaning a binding promise or commitment, and it encompasses legally enforceable duties as well as moral duties recognized in philosophy.

Legal obligations arise from contracts, delicts or torts, statutes, or quasi‑contracts. A contractual obligation requires one party to perform or refrain in accordance with the agreement, such as delivering goods or paying money. Tort-based obligations require acts of care to avoid harming others. Statutory obligations are duties imposed by law, such as compliance requirements for corporations. In finance, an obligation is a debt instrument representing a promise to repay borrowed funds, including bonds and notes.

Enforcement of obligations typically involves courts or other authorities. When an obligation is breached, remedies may include damages intended to compensate the injured party, specific performance to compel the expected action, injunctions to prevent certain conduct, or restitution to restore the original financial position. Some obligations terminate automatically upon performance, while others can be discharged by payment, modification, or frustration of the contract.

Moral obligations describe duties that arise from ethical considerations rather than legal requirements. The study of obligations in law—often called the law of obligations—covers the rights and duties arising from contracts, torts, and other legal relationships, and it plays a foundational role in civil and common law systems.