Legal Definition of Discrepancy: An inconsistency between the contentions of a party to a suit and the actual facts; a variance; a lack of conformity | Gain a clear understanding of the legal term discrepancy and its importance in your business operations. Learn how discrepancies can arise in legal matters, how to address them promptly, navigate disputes effectively, and avoid potential legal pitfalls. Protect your rights and make informed decisions in your business endeavors