Legal Duty

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.
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.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.