Judicial Action

Petition
A petition is a formal written request, typically one submitted to a court or a governing authority, which outlines facts and circumstances that seek judicial or legislative action. Petitions can also express political desires or intentions, often accompanied by signatures of supporters.
Remedy
In legal terms, a remedy is the means by which a court enforces a right, imposes a penalty, or makes another court order to impose its will. This includes the relief provided for a violation of a legal right.
Statute of Limitations
A statute of limitations sets the maximum period during which parties must initiate legal proceedings to enforce their rights, after which their rights may be unenforceable. The specifics can vary depending on jurisdiction and context, such as those defined by the IRS for tax-related matters.

Accounting Terms Lexicon

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