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

Category: E

EXACT INTEREST

365-day year is the basis of this computed Interest. Contrast to a 360- day year used to compute ordinary interest.

EXCESS LIMIT

Setting a value as a ceiling that is higher than the normal ceiling set in this type of agreement. Can also be a second agreement with a higher ceiling than the primary

EXCLUSIVE AGREEMENT

Makes a person the sole agent providing specific goods and/or services to a particular area or market.

EXCURSIONIST

One who enjoys an excursion. In the Travel industry, it names a person staying in a country less than 24 hours.

EXECUTIVE INFORMATION SYSTEM (EIS)

Infrastructure source of up-to-the-minute operational data, collected and screened from many databases. Financial information, work-in-process, inventory numbers, sales numbers, market trends, industry statistics, and market price of the firm’s shares are the

EXIT INTERVIEW

A manager’s opportunity to obtain frank, perhaps biased, commentary of the good, bad, and ugly reasons on why a terminating employee is leaving this employment. Planned as a formal meeting.

EXPANSIVITY

As standard temperature increases, the related, fractional, measurable increase of a solid in its length (linear expansivity), its area (superficial expansivity), or its volume (volume expansivity).

EXPECTED VALUE

(1) The MEAN of a distribution of values that a random variable can take. (2) The value that is obtained given certain possible outcomes and probabilities of occurrence. In financial RISK MANAGEMENT

EXPENSE RECOGNITION

When an asset becomes an expense, this change must be recognized on the balance sheet. Assets with no unexpired costs become expired costs, or an expense. This places assets on the balance

EXPERT EVIDENCE

Testimony related to a professional or scientific subject. It is based on training and experience in a subject area. The expert must give their opinion to aid the court in a decision

EXPLOSION INSURANCE

Insurance for property loss due to explosion. It doesn’t cover boilers or pressurized instruments.

EXTENDED WARRANTY

Extending coverage on a standard warranty. The time a producer is liable pays is extended. This is offered at the end of a warranty.

EXTERNAL ENVIRONMENT

Parties and factors that surround an organization but influence it and the risks. AKA operating environment.

EXPILATOR

In tbe civil law. A robber; a spoiler or plunderer. Expilutorcs auntatrociores fures. Dig. 47, 18, 1, 1.

EXPROMITTERE

In the civil law. To undertake for another, with the view ofbecoming liable in his place. Calvin.

EXTINCT

Extinguished. A rent is said to be extinguished when it is destroyed andput out. Co. Litt. 1476. See EXTINGUISHMENT.Extincto subjecto, tollitur adjunc- tum. When the subject is extinguished, theIncident ceases. Thus, when

EXTRALATERAL RIGHT

In mining law. The right of the owner of a mining claim dulylocated on the public domain to follow, and mine, any vein or lode the apex of whichlies within the boundaries

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