14:19
I wrote Raytheon instead of RTX since its more recognizable
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LSDefine
Simple English definitions for legal terms
accessory obligation
Read a random definition: Multiplicity of Actions
A quick definition of accessory obligation:
An accessory obligation is a type of duty that is connected to another obligation. For example, if someone takes out a loan and puts up their house as collateral, the obligation to pay back the loan is the primary obligation, while the obligation to give up the house if the loan is not repaid is the accessory obligation. Obligations can be legal or moral duties to do something, and they can arise from contracts, promises, social relationships, or other sources. Some obligations are absolute and must be fulfilled exactly as agreed, while others may have alternatives or conditions.A more thorough explanation:
Definition: An obligation that is incidental to another obligation. It is a legal or moral duty to do or not do something that arises from a primary obligation. For example, a mortgage to secure payment of a bond is an accessory obligation. The primary obligation is to pay the bond itself.
Example: A person takes out a loan to buy a car. The primary obligation is to repay the loan. However, the lender may require the borrower to take out car insurance as an accessory obligation to protect the car in case of an accident. The accessory obligation is incidental to the primary obligation of repaying the loan.
This example illustrates how an accessory obligation is a secondary obligation that arises from a primary obligation. The primary obligation is the main obligation that must be fulfilled, while the accessory obligation is an additional obligation that is incidental to the primary obligation.