Which legal term refers to a commitment or obligation that cannot be retracted?

The term that refers to a commitment or obligation that cannot be retracted is a contractual obligation. This concept is central in legal contexts, particularly within contract law, where a contractual obligation arises when parties enter into a binding agreement. Once the parties have agreed to the terms and conditions, they are legally bound to adhere to them, creating a duty to fulfill the commitments outlined within the contract.

The permanence of these obligations means that, barring certain circumstances such as mutual agreement to rescind or legal impossibility, the parties must perform as promised. This aspect ensures that parties can rely on one another to uphold their end of the bargain, which is fundamental for maintaining trust and stability in business and personal dealings.

In contrast, while indemnity, a bond, and a written agreement are related legal concepts, they do not specifically define an obligation that is irrevocable in the same way. Indemnity pertains to compensation for damage or loss, a bond can serve as a guarantee or insurance, and a written agreement is a format for documenting terms but does not inherently indicate the permanence of the obligations it contains. Therefore, the appropriate term for an irrevocable commitment is indeed a contractual obligation.