- account of profits
An account of profits may be sought by a plaintiff as an alternative to damages where his intellectual property rights have been prejudiced. This order requires the defendant to hand over the profits from his business due to the infringement of the plaintiff's intellectual property rights. The court has a discretion whether or not to make such an order.
Easyform Glossary of Law Terms. — UK law terms.
- account of profits
An equitable remedy often used where the parties are in a fiduciary relationship. The purpose of this remedy is to require one party to surrender the profits made. It may also be available as an alternative action for money had and received where one person has profited from a wrong at the expense of another (and the claimant has suffered no actual loss) or in exceptional cases where other normal remedies provide inadequate.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
Look at other dictionaries:
Account of profits — An account of profits (sometimes referred to as an accounting for profits or simply an accounting ) is a type of equitable remedy most commonly used in cases of breach of fiduciary duty. [Black s Law Dictionary, 7th ed. 1999] It is an action… … Wikipedia
account of profits — A legal remedy available as an alternative to damages in certain circumstances, especially in breach of copyright cases. The person whose copyright has been breached sues the person who breached it for a sum of money equal to the gain made as a… … Big dictionary of business and management
Account planning — is the discipline that brings the consumer into the process of developing advertising. To be truly effective, advertising must be both distinctive and relevant, and planning helps on both counts. Chris CowpeHistoryAccount planning is a job title… … Wikipedia
profits — index earnings, income Burton s Legal Thesaurus. William C. Burton. 2006 profits … Law dictionary
account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you … Financial and business terms
Account Current — A summary of the performance of each individual insurance agent in the company. The account current is written and issued by the insurance company each year so the agents can see their total commissions earned, policy cancellations and premiums… … Investment dictionary
undivided profits — noun plural : earnings of a business enterprise which have been retained instead of being distributed to stockholders or owners; especially : a net worth account often appearing in bank statements and showing accumulated profits which have not… … Useful english dictionary
undivided profits — Profits of a corporation which have neither been distributed as dividends nor carried to surplus account. Edwards v Douglas, 269 US 204, 70 L Ed 235, 46 S Ct 85. Surplus and undivided profits are the property of the corporation. As their names… … Ballentine's law dictionary
Unit of account — A unit of account is a standard monetary unit of measurement of value/cost of goods, services, or assets. It is one of three well known functions of money. It lends meaning to profits, losses, liability, or assets. The accounting monetary unit of … Wikipedia
Merchant account — A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of credit… … Wikipedia