Tort

Civil Liability
Civil liability refers to the legal responsibility one individual has to another as a result of non-criminal actions, such as torts or breaches of contract. It encompasses the obligations and potential legal consequences that may arise in civil court.
Legal Wrong
A legal wrong is an act that infringes upon a legal right, causing harm or loss to another party, which may lead to liability or legal consequences.
Nominal Damages
Nominal damages are a trivial sum awarded as recognition that a legal injury has been sustained, even if slight. They are often awarded in breach of contract or intentional tort cases to vindicate the plaintiff's claim where no recoverable loss can be established.
Scienter
Scienter refers to prior knowledge of operative facts, frequently signifying guilty knowledge. In pleadings, the term indicates that the alleged crime or tort was committed intentionally or with awareness of its illegality. In the context of fraud, scienter denotes the knowledge that an individual was making false representations with the intent to deceive.

Accounting Terms Lexicon

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