A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

Question

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A recognizance is a legal obligation or bond recognized by a court, where a person pledges to perform a specific act, such as appearing in court, or promises to pay a sum of money upon failure to fulfill that act, rather than an admission of debt to another party.

A Recognizance Is an Agreement by Which One Party Admits