The term that describes a duty that is enforced by a court and where non-fulfilment may incur a penalty.

A legal document, usually in writing, giving details of a formal legally binding agreement, between two or more different people or groups. To be legally binding it must contain certain elements: it must contain an offer made by one party and accepted in its entirety by the other, it must include some form of consideration whether it be money, goods or services, and it must be properly signed by all parties to it, and dated.

The responsibility of a person to pay a debt or other financial obligation. If an individual signs a promissory note, that individual usually has full personal liability for the debt. An exception is the unusual situation of a non-recourse individual loan, in which the lender agrees to look only to the collateral for recovery in the event of default.

A contract in which all elements of a contract are specifically stated (offer, acceptance and consideration), and the terms are set out, as compared with an implied contract in which the existence of the contract is assumed by the circumstances.