duty

Definition

A moral or legal obligation to act (or not act) in a certain way, plus the taxes governments slap on imports and exports. In corporate settings, it's being 'on duty' or responsible for tasks. The term encompasses everything from your fiduciary duty to shareholders to the customs duty on that suspiciously cheap designer handbag.

Example Usage

As a board member, she has a fiduciary duty to act in the best interests of shareholders, not management.

Source: Legal and customs terminology

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