All Legal Terms by letter G

Generally Accepted Accounting Principles, GAAP Information :- GAAP is the acronym for Generally Accepted Accounting Principles, which are firm guidelines for good accounting practices. It is a mistake to not follow the GAAP principles without the accounting document clearly explaining the reasons for the departure from the GAAP standard.



Generally Accepted Auditing Standards, GAAS Information :- GAAS is the acronym for Generally Accepted Auditing Standards, which are firm guidelines for good auditing practice.



Gag Order Information :- Gag Order Information: A gag order is a judge's order made in a particular case that prohibits the litigants and attorneys from publicly commenting on the progress or details of the matter.


Garnishment Information :- Garnishment Information: Garnishment is a legal process that allows a judgment creditor to attempt to collect the debt due from the defendant directly from defendant's employer or bank account. The wages or account are sent to the creditor instead of the defendant.
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General Agreement on Tariffs and Trade Information :- General Agreement on Tariffs and Trade Information: GATT is a treaty and is really a series of treaties between several countries that are intended to promote free trade over international borders. GATT members meet regularly.


General Damages Information :- General Damages Information: Different from special damages, such as medical bills or lost wages, General Damages are those damages that the law will presume exist in the sense that they logically follow and are the likely and forseeable result of the harm complained of.


General Partner Information :- The General Partner is the partner charged with the main management role in the partnership.


General Power of Appointment Information :- A general power of appointment is a power granted by the giver or donor of an estate or real property, to the donee, that allows the donee to dispose of the property (or income from the property) at issue, to anyone at all (in general), including to the donee himself.


General Power of Attorney :- A document by which a person designates another with power to manage his or her assets and financial affairs while her or she is alive.
Generally Accepted Accounting Principles (GAAP) :- A set of accounting standards, rules, conventions, guidelines, etc., that are ordinarily followed by practitioners of the accounting profession at a particular time. These standards will adjust as business and tax procedures vary. A court will rarely accept evidence from an accountant that fails to follow GAAP.



Generally Accepted Auditing Standards (GAAS)
:- A set of accounting and auditing standards, rules, conventions, guidelines, etc., that are written, approved and issued by the American Institute of Certified Public Accountants that establish the boundaries of professional auditing of business or accounts. Financial information found in corporate annual reports are usually certified by the corporate auditor (usually an independent auditor and not an employee) to comply with GAAS.


Generic Mark :- The common names for a particular type or class of goods, generic in nature, and that are in the public domain. Generic terms and marks cannot have trademark status.



Genericide :- Genericide refers to the loss or cancellation of a trademark that no longer distinguishes the owner’s goods, such as trademark names that eventually become household names


Gerrymander :- The drawing of political boundaries without specific regard to geography but paying instead attention to the political affinity of the persons in the district. Consequently, bias more or less dictates that the boundaries are very strange shapes so that undesirables are outside the district, and desirables are inside.



Gift Taxes :- Gift tax is a federal tax imposed on the giver of large gifts.


Going Concern :- Going Concern refers to the accounting presumption that the company being accounted for will continue to exist into the foreseeable future as a continuing business.



Gold Trading & Precious Metals Markets :- Gold Trading and precious metals markets are a very good investment. These markets deal in real assets as an alternative to other markets. Gold trading options include gold futures, gold coin, and gold bullion. Gold trading is also useful as a hedge against fluctuations in the world currency exchange markets.


Goodwill :- Goodwill is a real asset, intangible in nature, consisting of the value of a business beyond its fair market value, considering such things as location, reputation, customer relations, etc., that ought to be accounted for on the books.



Government Benefits :- Any of several economic advantages and privileges given by the Federal or State Governments, such as food stamps, Medicare, Medicaid, Social Security disability payments, veterans benefits, unemployment insurance, etc., to which certain persons may be eligible or entitled by virtue of their economic status or dependency condition.



Government Grant :- An award, or transfer of money from a government to a business or to an individual, given without compensation, for a specific purpose. Federal and State grants may be for anything from business startup grants to educational opportunities and tuition assistance grants. Government Grants are awarded after an application process. One of the skills required is the skill of grant application writing.



Government Immunity :- Also called sovereign immunity, this tradition (now enacted into law) relieves the government from several kinds of common liability. There are exceptions, of course. For example, if the government entity buys insurance for such losses, which they often do, there is a waiver of the immunity.



Grace Period :- A time period before which the borrower must resume loan payments before the lender can sue. This term also refers to that period after nonpayment of an insurance premium that the policy can still be renewed.


Grand Jury :- A Grand Jury is a panel of citizens gathered by the prosecutor to hear evidence and decide whether charges, or indictments, should be handed up.