A financial obligation is an amount of money that is owed to another party. The most common forms of financial obligations are DEBT, LIABILITY, and taxes. DEBT is a sum of money borrowed from a lender and must be repaid with interest. LIABILITY is a legal responsibility for a person or organization to pay a DEBT or fulfill an obligation. TAX is a compulsory payment made by individuals or businesses to a government. Liabilitt is a misspelling of LIABILITY.