What type of contract allows either party to consider it a joint obligation or a group of individual obligations?

A joint and several contract is one where obligations are structured in such a way that each party can be held individually responsible for the entire obligation, as well as collectively with other parties involved. This means that if one party fails to fulfill their part of the agreement, the other parties can be pursued for the full obligation, ensuring that the contract can still be enforced and obligations met, regardless of individual party performance.

This type of arrangement is particularly useful in business partnerships and other collaborative endeavors, as it provides flexibility and security for parties involved. It allows for either party to seek compensation or performance from any one of the obligated parties without needing to go through each individual obligation separately, thus streamlining the enforcement of the contract.

In contrast, other types of contracts, such as fixed contracts or exclusive contracts, do not possess these characteristics of joint and several obligations, focusing instead on singular obligations or exclusive rights without the liability share among multiple parties. A joint contract does imply shared duties, but it does not inherently carry the same legal implications regarding individual liability that a joint and several contract does.