Legal Concepts

Agency by Necessity
Agency by Necessity is a legal concept where an agency relationship is recognized by courts, allowing one party to act on behalf of another in emergency situations related to essential needs.
Constructive Notice
Constructive notice is a legal concept that presumes an individual has been given notice of a property or legal matter as a result of the information being publicly available or recorded, even if the individual has not been personally informed.
Equitable
Equitable refers to actions, processes, or outcomes that are marked by fair and impartial treatment, and which conform to principles of natural justice rather than strictly to technical legal rules.
Implied Agency
Implied Agency occurs when the words and actions of the parties indicate that there is an agency relationship, even if no formal agreement has been made.
Mistake of Law
A mistake of law refers to a misunderstanding or ignorance of the legal consequences of one's actions, even if one is aware of the facts and substance of those actions.
Presumption
Presumption refers to assumptions or inferences drawn from available information until proven incorrect. It can also denote impertinent or irritating opinions, conduct, or speech.
Public Domain
The term public domain refers to all lands and waters in the possession of the United States and the lands owned by individual state governments, which differ from privately owned lands and waters. It also includes all information that is free from copyright protection, making it available for public use without restriction.
Reversionary Interest
Reversionary interest refers to the interest a person holds in a property upon the termination of the preceding estate. This future interest in the property typically arises when the preceding estate, such as a life estate, comes to an end.

Accounting Terms Lexicon

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