Commitment transaction
The binding transaction is a legal transaction that has an obligation as its content. It is a legal term .
With the obligatory transaction, a debtor undertakes to do something, to tolerate or not to do something. Normally, this obligation means that the obligee can demand this act, tolerance or omission from the obligated party: A claim arises against the obligated party. For example, the buyer of a car from the sales contract can require the seller to transfer ownership of the car as a binding transaction. Conversely, the seller can demand payment of the purchase price. The purchase contract is therefore a mutually binding legal transaction. In addition, unilaterally binding legal transactions (also a contract) such as a gift are possible.
Obligation transactions typically arise when two legal entities agree on the obligation, i.e. through a contract (e.g. through a sales contract). Commitment transactions can also arise from a unilateral declaration of intent . An example of this is the award of a finder's reward.
The claim resulting from the obligation transaction often consists of the obligation to transfer a right. The sales contract is a binding transaction in which the seller undertakes to transfer ownership of the purchased item. The transfer of ownership itself is another legal transaction , the so-called disposal or performance transaction .
