General (not jurisdiction-specific)

A book or electronic record in which a business records its financial transactions by account. A general ledger summarizes all of a business’s accounts. In court, ledgers are often offered as records of a regularly conducted activity, which may be admissible under the hearsay exception in Fed. R. Evid. 803(6) if the foundation requirements are met.

Generally accepted accounting principles — the standards U.S. businesses and nonprofit organizations use to prepare financial statements (state and local governments follow separate GASB standards). They are set by the Financial Accounting Standards Board (FASB) and organized in the FASB Accounting Standards Codification. The Securities and Exchange Commission recognizes FASB’s standards as generally accepted for purposes of the federal securities laws.

Generally accepted auditing standards — the standards auditors follow when auditing financial statements. For audits of nonpublic entities, they are issued by the American Institute of Certified Public Accountants (AICPA). Audits of public companies are governed by the standards of the Public Company Accounting Oversight Board (PCAOB), which the Sarbanes-Oxley Act of 2002 created (15 U.S.C. § 7211).

Has several legal meanings. Commonly, it is a record of transactions and a balance, such as a bank account; under UCC Article 9, a “deposit account” is a demand, time, savings, passbook or similar account maintained with a bank (UCC § 9-102(a)(29)). Article 9 also uses “account” for a right to payment of a monetary obligation, such as for goods sold or services rendered (UCC § 9-102(a)(2)). An “accounting” is a detailed report of transactions, which a court can order a fiduciary to give.

An agreement settling a disputed claim in which each side gives up something. Offers to compromise and statements made in compromise negotiations are generally not admissible to prove or disprove the validity or amount of a disputed claim (Fed. R. Evid. 408). In bankruptcy, the court may approve a compromise or settlement on the trustee’s motion, after notice and a hearing (Fed. R. Bankr. P. 9019(a)).

Restoring to a person what was lost, or requiring someone to give up a benefit obtained at another’s expense. In civil law, a person who is unjustly enriched at the expense of another is subject to liability in restitution (Restatement (Third) of Restitution and Unjust Enrichment § 1). In criminal cases, federal law requires courts to order restitution to victims of certain offenses (18 U.S.C. § 3663A).

A person’s actions or failures to act. Conduct can create legal consequences: for example, a contract for the sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a contract (UCC § 2-204(1)). Lawyers’ conduct is governed by state rules of professional conduct, and courts can sanction misconduct in litigation.

In contract law, the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it (Restatement (Second) of Contracts § 24). An accepted offer can form a contract. In litigation, an offer of judgment under Fed. R. Civ. P. 68 can shift costs, and an offer of proof preserves a claim of error when evidence is excluded (Fed. R. Evid. 103(a)(2)).

A formal written legal document, such as a deed, will, contract or promissory note. In UCC Article 3, “instrument” means a negotiable instrument (UCC § 3-104(b)), and UCC Article 9 has its own broader definition (UCC § 9-102(a)(47)).

A financial institution that accepts deposits and makes loans, chartered either by a state or by the federal government. Deposits at insured banks are protected by the Federal Deposit Insurance Corporation up to the standard maximum deposit insurance amount of $250,000 per depositor, per insured bank, for each account ownership category (12 U.S.C. § 1821(a)(1)(E)).