Definition of Erroneous Report

Applying "Erroneous Report" to Securities Exams:

If a trade execution is reported to a client at a price and it later turns out that the trade was actually executed at a different price an erroneous report has occurred. The client must accept the trade terms as the trade actually occurred. If however the order was executed at a price that was away from the customer’s limit price or for more shares than the customer wanted to buy or sell those issues would not be binding upon the customer.