Tort Law

Absolute Liability
Absolute liability, also known as strict liability, refers to a type of liability where a party can be held responsible for damages or injuries without proof of fault or negligence. This legal principle is often applied when actions are deemed contrary to public policy, regardless of intent.
Civil Liability
Civil liability refers to negligent acts and/or omissions, other than breach of contract, independent of moral obligations for which a remedy can be provided in a court of law.
Civil Wrong
A civil wrong, also known as a tort, is an act or omission that violates a legal duty, giving the victim the right to bring a civil action for remedy.
Comparative Negligence
In some states, Comparative Negligence is a principle of tort law providing that in the event of an accident, each party's negligence is based on that party's contribution to the accident.
Conversion (Tort)
Conversion is the tort equivalent to the crime of theft. It involves the unauthorized taking or use of someone else's property and can result in damages being awarded to the rightful owner.
Damages
Compensation, in monetary form, for a loss or injury, breach of contract, tort, or infringement of a right.
Due Care
Due care refers to the degree of care that a person of ordinary prudence and reason (a reasonable person) would exercise under given circumstances. It is a standard used in tort law to indicate the level of care or the legal duty one normally owes to others, and negligence is the failure to use due care.
Duress
Duress refers to a situation where one party is compelled to act contrary to their free will due to improper threats, violence, or other forms of coercion. It can serve as a defense in cases of crime, breach of contract, or tort.
Liability, Legal
Legal liability refers to obligations and responsibilities that are subject to evaluation, interpretation, and enforcement in a court of law. Casualty insurance provides coverage for an insured against civil legal liability suits, but not for criminal legal liability, intentional torts, or liability for breach of contract.
Libel
Libel is a tort consisting of a false, malicious, unprivileged publication that aims to defame a living person or to mar the memory of one deceased. Printed or written material, signs, or pictures that tend to expose a person to public scorn, hatred, contempt, or ridicule may be considered libelous.
Master-Servant Rule
The master-servant rule is a legal doctrine whereby an employer can be held liable for the negligent acts or omissions of an employee if those acts occur within the scope of employment and result in bodily injury and/or property damage to third parties.
Mistake
In law, a mistake refers to an act or omission arising from ignorance or misconception which may justify rescission of a contract or exoneration of a defendant from tort or criminal liability depending on its nature or the surrounding circumstances.
Nuisance
Nuisance refers to any activity or condition that interferes with the usage and enjoyment of property either causing annoyance or damage to others. It is a significant concept in tort law addressing both private and public disturbances.
Private Law
Private Law governs the relationships between private individuals, companies, or organizations. Unlike Public Law, it does not involve government intervention and encompasses various legal disciplines including contract, tort, property, and family law.
Res Ipsa Loquitur
Latin for 'the thing speaks for itself,' Res Ipsa Loquitur is a rule of evidence in tort law that allows for the presumption of negligence on the part of the defendant derived directly from the very nature of the accident.
Scope of Employment
The term 'scope of employment' refers to acts done while performing one's job duties. It is used to determine an employer's liability for the acts of its employees.
Tort
A tort is a wrongful act or an infringement upon someone's rights that is neither a crime nor a breach of contract, rendering the perpetrator liable to the victim for damages.
Vicarious Liability
Vicarious liability is a legal concept where one party is held liable for the actions or omissions of another person, even if the liable party did not personally commit the act. This is often seen in employer-employee relationships, where employers can be held accountable for the actions of their employees performed within the scope of their employment.

Accounting Terms Lexicon

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