Accounting for Profits Law and Legal Definition

Accounting for profits refers to an action for equitable remedy. This action is against a person in a fiduciary relationship to recover profits taken in a breach of the relationship. Usually, this term is shortened to “accounting.” This term is used in several ways. It is a restitutionary remedy in order to prevent or avoid unjust enrichment. Accounting for profits is an action taken against the wrongdoer to recover the profits produced by property which in equity and good conscience belonged to the plaintiff.