A cause of action refers to a set of facts sufficient to justify a right to sue, providing the foundation for a valid lawsuit. This is distinct from a right of action, which is the legal entitlement to initiate a lawsuit.
A possible asset that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events, beyond the control of the accounting entity.
An involuntary lien is a legal claim against a property that is imposed without the owner's consent to secure the payment of debts such as unpaid taxes, special assessments, or other obligations.
A type of coverage in which an insured's own policy indemnifies them for bodily injury and/or property damage without regard to fault. This system is designed to simplify claims and reduce litigation in auto accidents.
In legal and ethical contexts, a right refers to a justified claim or entitlement that individuals or groups possess. These rights can be grounded in moral obligations or codified within legal systems, such as Subscription Rights in securities.
The statute of limitations is a law that sets the maximum time frame within which legal proceedings must be initiated after an alleged offense. After this period, the claim is no longer valid.
