accurate

Legal TermLegal glossary term

Legal Definition

In a legal context, 'accurate' refers to the degree to which a statement, representation, or finding aligns with the actual reality or established facts; it denotes precision in measurement, reporting, or assessment.

Plain-English Translation

It means that what is said or shown is exactly right and true according to the rules or evidence. If something is accurate, it means it matches exactly what should happen or what happened.

Context in Contracts

It matters because the accuracy of facts, evidence, or representations directly determines the validity of claims, the correctness of a contract, or the truthfulness of a legal assertion presented in court.

Visual model

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ELI10 illustration for accurate
01

A finding that is accurate regarding the breach of a contract.

02

An accurate representation of damages calculated for in litigation.

Document context

How accurate shows up in legal documents

What is it?

A statement or finding that is correct, precise, and truthful; indicating a high degree of exactness in legal documentation or factual representation.

Why does it matter?

It matters because the accuracy of facts, evidence, or representations directly determines the validity of claims, the correctness of a contract, or the truthfulness of a legal assertion presented in court.

When does it matter?

When assessing the veracity of testimony, the precision of an accounting record, or the exactness of a measurement taken during litigation or regulatory review.

Where is it usually seen?

In legal pleadings, contractual clauses, regulatory compliance reports, and judicial findings where precise details are required for a valid legal outcome.

Who is affected?

Affected parties include litigants, attorneys, regulatory bodies, and the court system, as their decisions depend on the accuracy of presented facts.

How does it work?

It works by ensuring that the reported data or statement matches the reality being examined; it requires meticulous attention to detail in documentation and evidence review.

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Wikipedia

Fair and Accurate Credit Transactions Act

Fair and Accurate Credit Transactions Act

The Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub. L. 108–159 (text) (PDF)) is a U.S. federal law, passed by the United States Congress on November 22, 2003, and signed by President George W. Bush on December 4, 2003, as an...

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