Which term describes an obligation that may exist independently among several parties in a joint contract?

The term that best describes an obligation that may exist independently among several parties in a joint contract is "joint and several obligation." This concept means that each party in a contract can be held individually responsible for the entire obligation, as well as collectively with the other parties involved.

In a joint and several obligation, if one party fails to fulfill their part of the agreement, the other parties can be pursued for the entire amount or obligation. This feature allows creditors to choose from whom they wish to collect their dues, providing a layer of protection for the parties involved, as the risk is distributed among all who are part of the contract.

This structure contrasts with purely joint obligations, where all parties are collectively responsible without the ability for an individual party to assume liability independently. The collective obligation also exaggerates this collective responsibility without the independent liability aspect inherent in joint and several obligations. Therefore, "joint and several obligation" accurately captures the dual nature of both individual and collective responsibility among the parties involved in the joint contract.