Legal Definitions - correction

correction

• 1. Making Right an Error: The act or process of fixing something that is wrong, inaccurate, or incomplete.

  • Example: A newspaper published a prominent correction on its front page to rectify a factual error in a previous day's article about local election results.

    Explanation: This illustrates how a correction is used to publicly amend a mistake, ensuring the accuracy of information provided to the public.

  • Example: After reviewing the financial statements, the auditor requested several corrections to ensure all figures accurately reflected the company's assets and liabilities.

    Explanation: Here, correction refers to the act of amending errors in financial records to achieve precision and compliance.

• 2. Market Adjustment: In finance or economics, a significant but temporary reversal in the price of an asset, market index, or economic trend, typically following a period of rapid upward or downward movement. It often brings prices back to a more sustainable or realistic level.

  • Example: Following several quarters of rapid appreciation in housing values, the real estate market experienced a correction, leading to a temporary dip in home prices as demand stabilized.

    Explanation: This shows correction as a natural rebalancing of market prices after an unsustainable surge, bringing them back to a more realistic valuation.

  • Example: After a period of intense speculation drove up the price of a particular commodity, a sudden drop in demand triggered a sharp market correction, causing prices to fall significantly.

    Explanation: Here, correction refers to a market adjustment that counteracts an earlier extreme movement, often due to changing supply and demand dynamics.

• 3. Criminal Justice System: (Often used in the plural, "corrections") The system of programs, agencies, and facilities responsible for the supervision, punishment, and rehabilitation of individuals who have been convicted of crimes. This includes prisons, jails, probation, and parole.

  • Example: The state's Department of Corrections is responsible for managing all aspects of the penal system, from incarceration to community supervision programs for parolees.

    Explanation: This example highlights Corrections as the governmental body overseeing the entire process of managing and supervising convicted offenders within the penal system.

  • Example: A key goal of modern corrections philosophy is to balance the need for public safety with opportunities for offender rehabilitation and reintegration into society.

    Explanation: This illustrates corrections as the broader framework encompassing various methods and philosophies aimed at both penalizing and reforming individuals who have committed crimes.