account of profits: an equitable remedy arising in commercial disputes such as business litigation and copyright litigation; the remedy is an alternative to damages; the remedy is available in certain types of claims (for example, breach of fiduciary duty or copyright infringement) and involves the court ordering the defendant to pay over to the claimant…
accountability principle: in data protection law, the requirement under Article 5(2) of the General Data Protection Regulation (GDPR), that data controllers be responsible for, and be able to demonstrate their compliance with, the principles of processing personal data set out in Article 5 GDPR.
affidavit: in litigation and dispute resolution, a statement of evidence used in support of certain court applications. Must be made in writing and sworn or affirmed to be true before an authorised person. Different to a witness statement, which is not required to be sworn.
affirmation of contract: where there has been a breach of contract giving rise to the innocent party’s right to terminate for breach and the innocent party, knowing of his right to terminate, elects not to terminate but to treat the contract as remaining on foot.
agent: in business law, a party appointed by another party (a principal) with certain power and authority to act on the principal’s behalf and bind the principal.
anticipatory breach of contract: when a party to a contract clearly indicates, prior to performance of the contract falling due, an intention not to perform his contractual obligations, thereby giving the innocent party the right to terminate for anticipatory breach and bring a claim for damages.
assignment: the transfer of legal or beneficial ownership of a right or interest from one party to another (for example, the right to sue under a contract or the assignment of intellectual property rights). Subject to the nature of the right or interest being assigned, the assignment may have to satisfy certain requirements in order…
B2B contract / business to business contract: a contract or legal agreement between one business and another business, as opposed to a contract between a business and a consumer.
bankrupt: the title given to a person in respect of whom a bankruptcy order is made by a court under the provisions of the Insolvency Act 1986; such an order will have typically been made because the person owes a debt to a creditor and the creditor has petitioned the court for the person’s bankruptcy,…
bankruptcy petition: the way in which bankruptcy proceedings are commenced against a person; the petition can be presented to the court by a creditor and seeks an order that the person be declared bankrupt. A bankruptcy petition will commonly be presented after a debtor’s failure to make timely payment following a court ordered judgment debt…
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