Constructive
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1. Financial reporting - obligations.
In financial reporting, a constructive obligation arises if past practice creates a valid expectation on the part of a third party, even if there is no legal obligation.
2. Law.
Anything deemed in law to exist, or to have happened, even though it is not in fact the case.
For example, a constructive trust, or a constructive total loss.
3. Beneficial effect.
Anything intended to have, or actually having, a useful or beneficial effect.
