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Simple English definitions for legal terms
AAA
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A quick definition of AAA:
AAA is an abbreviation that can stand for different things depending on the context. It can refer to organizations like the American Arbitration Association, the American Accounting Association, or the American Academy of Actuaries. In accounting, an account is a detailed record of money transactions between parties. It can also refer to a statement that explains an event or a course of business dealings that require records to be kept. There are different types of accounts, such as joint accounts, trust accounts, or tax-deferred accounts. Being accountable means being responsible and answerable for one's actions.A more thorough explanation:
Definition: AAA can refer to various organizations and acts, including the American Arbitration Association, American Accounting Association, American Academy of Actuaries, and Agricultural Adjustment Act. In accounting, an account is a detailed statement of the debits and credits between parties to a contract or fiduciary relationship. It can also refer to a course of business dealings or other relations for which records must be kept.
Example: An example of an account is when a principal files an action for account against their agent to ascertain and recover the balance due. Another example is when a contractor files an action for account against a nonpaying customer to reconcile the monetary dealings between them.
Explanation: These examples illustrate how an account is a detailed statement of the financial transactions between parties in a fiduciary relationship or contract. It is used to determine the balance due and reconcile monetary dealings.