BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ontractual obligations of bank to pay an amount owed to another bank
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contractual obligations of a Person to pay an amount owed to another
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obligations of a Person to pay an amount distributed in a group
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none of the above
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Detailed explanation-1: -Contractual obligations are those duties that both employers and employees are legally responsible for in a contract agreement. It is important that both parties follow their sides of the contract.
Detailed explanation-2: -One example of contractual obligations is the responsibilities of parties to a contract for the sale of a car. One party is obligated to transfer ownership of the automobile, while the other is obligated to pay for it.
Detailed explanation-3: -A contractual obligation (or duty) is something that parties agree to do or become responsible for when they sign a contract. These obligations can vary wildly between contracts, but they will usually fall into two broad categories: A promise to do something. A promise not to do something.
Detailed explanation-4: -In its cardinal level, the term contractual obligations are those duties which the parties to a contract are responsible through the terms of the contract. So, pre-dominantly the nature of obligations of parties to contract is dependent on the terms of the contract.