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LSDefine

Simple English definitions for legal terms

Materiality

Read a random definition: redelivery

A quick definition of Materiality:

Materiality: Materiality refers to how important something is and how relevant it is to a particular situation. It helps us understand what information is significant and what is not.

A more thorough explanation:

Definition: Materiality refers to the importance or relevance of something in a particular matter. It is the extent to which something can affect a decision or outcome.

  • When a company is preparing its financial statements, it must consider the materiality of each item. For example, a small error in a $10 expense is not material, but a $10,000 error is.
  • In a court case, evidence that is material to the case is admissible, while evidence that is not material is not allowed.
  • When conducting a risk assessment, it is important to identify the material risks that could have a significant impact on the organization.

The examples illustrate how materiality is used in different contexts. In accounting, materiality is used to determine what information should be included in financial statements. In law, materiality is used to determine what evidence is relevant to a case. In risk management, materiality is used to identify the most important risks that need to be addressed.

Material Witness | Materialman's Lien

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15:32
gulc
snow
15:32
no way im getting gulc. i didnt get an ii
15:32
im still flabbergasted by the hastings waitlist YP movement
15:32
OH NOOO
aw man i just went under review for gulc
snow
15:33
jazzy did you get an ii?
15:33
yeah! I did it on 10/24
15:33
i flew in from LA
15:33
so im hoping i got in :/
snow
15:33
thats exciting!! I love DC and hoping you get in today!!! :)
is the gulc II in person
15:33
THANK YOU :D I hope there's a wave, I'M SO IMPATIENT
15:34
I just did it in person cuz I couldb't get an appintment until Nov if I did it on zoom
concorde
15:34
@boglue: you're having a legendary cycle, i'd bet the house on you getting in
HopefullyInLawSchool
15:34
I was not YP from hastings (i got in) does that mean im stupid?
split you have UR in the portal?
ohhhh period i hope u get in
gtown baby talk to me ..... ghosting me for two months after interview ... baby what did i do :///
i just have complete
isnt that UR
¯\_(ツ)_/¯
15:35
@jackfrost11770: real if we don't get in today im gonna tweak
snow
15:35
dean andy got my app and spit on it then threw it away
MY GROUP INTERVIEW WAS END OF SEPTEMBER
i called them and they said i'll get a decision "100% this week" but i don't trust them
which school gulc???
YEAH
i'm tweaking bro
starfishies
15:36
this chat has been feral for gulc i hope you guys get ur answers soon
OMG WHATTT
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