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Account Of Profits
An account of profits (sometimes referred to as an ''accounting for profits'' or simply an ''accounting'') is a type of equitable remedy most commonly used in cases of breach of fiduciary duty. It is an action taken against a defendant to recover the profits taken as a result of the breach of duty, in order to prevent unjust enrichment. In conducting an account of profits, the plaintiff is treated as if they were conducting the business of the defendant, and made those profits which were attributable to the defendant's wrongful actions. This can be rather complex in practice, because the defendant's accounting records must be examined (sometimes by a forensic accountant) to determine what portion of his gross profits were derived to the wrongful act in question. As a result, mathematical exactness is not called for and reasonable approximation is acceptable. Historically an account was not an equitable remedy, but was an action at common law, and is therefore technically an instru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Remedy
Equitable remedies are judicial remedies developed by courts of equity from about the time of Henry VIII to provide more flexible responses to changing social conditions than was possible in precedent-based common law. Equitable remedies were granted by the Court of Chancery in England, and remain available today in most common law jurisdictions. In many jurisdictions, legal and equitable remedies have been merged and a single court can issue either, or both, remedies. Despite widespread judicial merger, the distinction between equitable and legal remedies remains relevant in a number of significant instances. Notably, the United States Constitution's Seventh Amendment preserves the right to a jury trial in civil cases over $20 to cases "at common law". Equity is said to operate on the conscience of the defendant, so an equitable remedy is always directed at a particular person, and that person's knowledge, state of mind and motives may be relevant to whether a remedy should be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiduciary
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter... In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defendant
In court proceedings, a defendant is a person or object who is the party either accused of committing a crime in criminal prosecution or against whom some type of civil relief is being sought in a civil case. Terminology varies from one jurisdiction to another. In Scots law, the terms "accused" or "panel" are used instead in criminal proceedings and "defender" in civil proceedings. Another term in use is "respondent". Criminal defendants In a criminal trial, a defendant is a person accused ( charged) of committing an offense (a crime; an act defined as punishable under criminal law). The other party to a criminal trial is usually a public prosecutor, but in some jurisdictions, private prosecutions are allowed. Criminal defendants are often taken into custody by police and brought before a court under an arrest warrant. Criminal defendants are usually obliged to post bail before being released from custody. For serious cases, such as murder, bail may be refused. Defendants ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit (accounting)
Profit, in accounting, is an income distributed to the owner in a profitable market production process (business). Profit is a measure of profitability which is the owner's major interest in the income-formation process of market production. There are several profit measures in common use. Income formation in market production is always a balance between income generation and income distribution. The income generated is always distributed to the stakeholders of production as economic value within the review period. The profit is the share of income formation the owner is able to keep to themselves in the income distribution process. Profit is one of the major sources of economic well-being because it means incomes and opportunities to develop production. The words "income", "profit" and "earnings" are synonyms in this context. Measurement of profit There are several important profit measures in common use. Note that the words ''earnings'', ''profit'' and ''income'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unjust Enrichment
In laws of equity, unjust enrichment occurs when one person is enriched at the expense of another in circumstances that the law sees as unjust. Where an individual is unjustly enriched, the law imposes an obligation upon the recipient to make restitution, subject to defences such as change of position. Liability for an unjust (or unjustified) enrichment arises irrespective of wrongdoing on the part of the recipient. The concept of unjust enrichment can be traced to Roman law and the maxim that "no one should be benefited at another's expense": ''nemo locupletari potest aliena iactura'' or ''nemo locupletari debet cum aliena iactura''. The law of unjust enrichment is closely related to, but not co-extensive with, the law of restitution. The law of restitution is the law of gain-based recovery. It is wider than the law of unjust enrichment. Restitution for unjust enrichment is a subset of the law of restitution in the same way that compensation for breach of contract is a subset o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Records
Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions. Accounting records can take on many forms and include (among other camps): * Ledgers * Journals * Bank statements *Contracts and agreements *Verification statements *Transportation receipts *Invoices *Vouchers Accounting documents or document records regroup every document that plays a role in the preparation of financial statements for a company, like income statements and balance sheets. They include records of monetary transactions, assets and liabilities, ledgers, journals, etc. Accounting documents and records are the physical objects upon which transactions are entered and summarized. Examples include such items as cancelled checks, paid bills, payrolls, subsidiary ledgers, bank reconciliations. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forensic Accountant
Forensic accountants are experienced auditors, accountants, and investigators of legal and financial documents that are hired to look into possible suspicions of fraudulent activity within a company; or are hired by a company who may just want to prevent fraudulent activities from occurring. They also provide services in areas such as accounting, antitrust, damages, analysis, valuation, and general consulting. Forensic accountants have also been used in divorces, bankruptcy, insurance claims, personal injury claims, fraudulent claims, construction, royalty audits, and tracking terrorism by investigating financial records. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials. Tasks performed Forensic accounting or forensic accountancy has been used since the time of the ancient Egyptians when Pharaoh had scribes account for his gold and other assets. These scribes worked in Pha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth Law Reports
The Commonwealth Law Reports (CLR) () are the authorised reports of decisions of the High Court of Australia. The Commonwealth Law Reports are published by the Lawbook Company, a division of Thomson Reuters. James Merralls AM QC was the editor of the Reports from 1969 until his death in 2016. The current editors are Christopher Horan KC and Paul Vout KC. Each reported judgment includes a headnote written by an expert reporter (by convention, a practising barrister) which, as an authorised report, has been approved by the High Court. The current reporters are as follows: * Roshan Chaile * Ella Delany * Bora Kaplan * Rudi Kruse * James McComish * William Newland * Alistair Pound SC * Daniel Reynolds * Alexander Solomon-Bridge * Julia Wang * Michael Wells * Jillian Williams * Radhika Withana The headnotes include a summary of counsel's legal arguments. The Reports also include tables of cases reported, affirmed, reversed, overruled, applied or judicially commented on and cit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Concurrent Estate
In property law, a concurrent estate or co-tenancy is any of various ways in which property is owned by more than one person at a time. If more than one person owns the same property, they are commonly referred to as co-owners. Legal terminology for co-owners of real estate is either co-tenants or joint tenants, with the latter phrase signifying a right of survivorship. Most common law jurisdictions recognize tenancies in common and joint tenancies. Many jurisdictions also recognize tenancies by the entirety, which is effectively a joint tenancy between married persons. Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship, but they are the same, as every joint tenancy includes a right of survivorship. In contrast, a tenancy in common does not include a right of survivorship. The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leasing
A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (referred to as the ''lessor'') for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use. The term rental agreement can refer to two kinds of leases: * A lease in which the asset is tangible property. Here, the user '' rents'' the asset (e.g. land or goods) ''let out'' or ''rented out'' by the owner (the verb ''to lease'' is less precise because it can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herbert Smith Freehills
Herbert Smith Freehills is an international law firm with headquarters in London, United Kingdom and Sydney, Australia. It was formed on 1 October 2012 by a merger between the United Kingdom-based Herbert Smith, then a member of the " Silver Circle" of leading UK law firms, and Freehills, one of the " Big Six" Australian law firms. , it is the 29th largest law firm in the world by revenue. Herbert Smith Freehills regards itself as one of the world's most elite and selective law firms, with a particular recognition in dispute resolution. As of 2015 HSF retains the most FTSE 100 clients of all law firms, representing 39 of the 100 companies. It advises the highest number of FTSE 100 clients in United Kingdom Court of Appeal cases. History Prior to merger Herbert Smith Herbert Smith was established by Norman Herbert Smith in 1882. Its specialisation in the early 20th century was in company flotations and advice to mining companies. Later its work expanded to litigation, me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hospital Products Ltd V United States Surgical Corporation
A hospital is a health care institution providing patient treatment with specialized health science and auxiliary healthcare staff and medical equipment. The best-known type of hospital is the general hospital, which typically has an emergency department to treat urgent health problems ranging from fire and accident victims to a sudden illness. A district hospital typically is the major health care facility in its region, with many beds for intensive care and additional beds for patients who need long-term care. Specialized hospitals include trauma centers, rehabilitation hospitals, children's hospitals, seniors' (geriatric) hospitals, and hospitals for dealing with specific medical needs such as psychiatric treatment (see psychiatric hospital) and certain disease categories. Specialized hospitals can help reduce health care costs compared to general hospitals. Hospitals are classified as general, specialty, or government depending on the sources of income received. A teachi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
