Legal Right

Legal Right
A legal right is an interest that the law will protect. It is a privilege or entitlement granted by a legal system to individuals or entities, allowing them to perform certain actions or be free from others performing certain actions against them.
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.
Recourse
Recourse refers to the right of redress or compensation if the terms of a contract are not fulfilled. It provides protection to the party to whom the obligation is owed by enabling them to claim against the other party or seek recovery from collateral if necessary.
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.

Accounting Terms Lexicon

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