Section 2 of SRA : Section 2: Definitions

Explanation using Example

Imagine a situation where Mr. Sharma has entered into a contract with Ms. Gupta to sell his house. He is now legally "obligated" to transfer the property to her upon receiving the agreed payment. This duty is enforceable by law under the Specific Relief Act, 1963.

In another instance, Mr. Verma creates a "settlement" to ensure that after his retirement, his property is transferred to his son, and then to his grandson. This settlement is a legal instrument that outlines the future devolution of his property.

Furthermore, Ms. Iyer, who has been appointed as a "trustee" of her family's charitable trust, is responsible for managing the trust's assets as per the terms set out in the trust deed, in accordance with the Indian Trusts Act, 1882.