The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: A

ABSOLUTE TITLE

A title that is acquired by the proprietor. This absolute title is free from any complications such as judgments or liens. It is the only title required for selling a property or

ABSTENTION

Refuseal, from one bankruptcy court, to get involved with a matter of another court with jurisdiction

ABC INVENTORY CLASSIFICATION

The Pareto analysis as related to inventory control. There are three categories for the items in question. This is based on their revenue generation, turnover, or value. Typically this is done on

ABOUT

While not an exact term ‘about’ signifies not more or less than 10 percent of the stipulated amount, quantity, or unit price. Refer to the definition of approximately.

ABSOLUTE ASSIGNMENT

A transfer between two parties where all benefits are exchanged without any stipulations. Collateral assignment is another term for this.

ABSOLUTE URL

An individuals internet address that leads to a directory or website. This has also been called an absolute link or a relative URL.

ABSTRACT

A written statement about a complex work that contains only the basic gist. It is usually written by another author. Other terms that might help are abridgment, digest, outline, pr

ACCA

This individual works and is bound by the laws of the Institute Of Chartered Accountants.

ABDUCTIVE REASONING

A reasoning methodology that uses common facts that are accepted as true and using them to build your argument.

ABOVE FULL-EMPLOYMENT EQUILIBRIUM

This occurs when the economy produces goods at a higher rate than normal. The level of normalcy is decided by the gross domestic product or the GDP. This causes the market to

ABSOLUTE AUCTION

An auction that has no reserve and where the highest bidder receives the item being sold.

ABSORB

1. Considering the cost of business as an expense which prevents the raise of price. 2. The transference of funds from other accounts. The original identity of the accounts is lost in

ACCELERATED AMORTIZATION

A clause in a borrowers agreement that allows them to pay off their debt sooner than the projected date.

ABEND

An abnormal or abortive end to a computer program. This system crash is usually caused by a glitch or a memory overload.

ABOVE GROUND RISK

Risks whose nature is not technically calculatedly. Usually associated with the political climate, market variations, and price fluctuation.

ABSOLUTE COST ADVANTAGE

A competitive edge that allows another firm or country to obtain, reinvent, and create a good or service with lower cost. This also minimizes waste. This is also called acquired advantage.

ABSORBED ACCOUNT

The simplification of accounting when multiple accounts with the same purpose are combined. Upon absorption the original account information no longer leaves a paper trail only showing the transfer of funds.

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