Which of the following statements is correct? A present obligation is an example of a legal obligation. A legal obligation is an example of a constructive obligation. A constructive obligation is an example of an equitable obligation. An equitable obligation is an example of a present obligation.

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Which of the following statements is correct? A present obligation is an example of a legal obligation

Accounting Mar 22, 2021

Which of the following statements is correct?

A present obligation is an example of a legal obligation.

A legal obligation is an example of a constructive obligation.

A constructive obligation is an example of an equitable obligation.

An equitable obligation is an example of a present obligation.

Expert Solution

Answer: a ) A present obligation is an example of a legal obligation .

Legal, constructive and equitable all three can be forms of a present obligation. And they are separate types therefore, option A is correct.

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