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

Category: F

FITNESS FOR USE

The effectiveness of a design plan for manufacturing a good or service.It should fit the purpose and assume certain conditions of making such a product. AKA fitness to use.

FIXED CHARGE

A mortgage on an asset to get repayment. The asset is signed over to the creditor so they can sell it if they must.A charge is registered for the asset by the

FLASH PASTEURIZATION

Preserving a liquid by heating it to 70c quickly and keeping it there for 20 secs and cooling it fast. It kills enzymes, microorganisms, and reduces changes in chemistry and physical traits.

FLEX OPTION

Something that has no standard conditions but lets the customer or a broker negotiate terms like an expiration date or strike price.

FLEXIBLE STAFFING

Employment with different types of contracts for the employees to choose from. It dictates their employment.

FLIPPING HOUSES

When an investor buys real estate cheap and fixes it to sell it at a higher price. It is common to buy old and foreclosed homes. A contractor may do the work

FLOOR EFFECT

When a tested treatment is just as bad as the illness. A new formulation should be sought to create a viable treatment that will actually be helpful.

FLUOROCARBONS (FCS)

A compound with flourine and carbon in it. It is aerosol, propellant, coolant, refrigerant, oil, grease, and synthetic polymer. It is safe but can damage the ozone layer so its use is

FOLLOWING THE FORTUNES

A clause in a REINSURANCE contract that indicating that the REINSURER will be subject to the same financial fate as the CEDING INSURER. The clause is designed to align the interests of

FOOD STAMPS

Assitance for low income parties to get a monthly stipend for food. It is only able to be used at stores that accept it. It is put on a debit card and

FORCED DISTRIBUTION

The rating system for employee evaluation. It uses good, poor, and excellent ratings. It is used but not all situations fit into the categories every time. It may not reflect the true

FORM 1099

A variety of standard IRS-acceptable forms for reporting various types of investment income to the IRS and the investor.

FORMS MANAGEMENT

Setting standards, called a style guide, for all forms used within an organization. The style guide covers the research, analysis, design and format, production, and distribution of any form being generated.

FORWARD DISCOUNT

A FORWARD PRICE (or rate) for future delivery of an ASSET that is lower than the SPOT PRICE (or rate) for immediate delivery. See also FORWARD PREMIUM.

FORWARD PRICE

The price quoted for future delivery of an ASSET under a FORWARD or FUTURE, comprised of the SPOT PRICE and a positive or negative COST OF CARRY; a quoted price may reflect

FOSSIL FUEL

Fossil fuels are highly concentrated forms of pre-Man sunlight trapped in organic cells. Since the industrial revolution in the mid 19th century to early 20th century, thought to be the reason for

FRACTIONAL CURRENCY

Coins or paper currency with value less than one of a basic currency unit. Such coins are pennies, nickels, dimes, quarters and half dollars in the US. Typically, government-minted.

FRANC ZONE (ZF)

This monetary union uses the abbreviated ZF after its French name, ‘Zone Franc.’ A union of Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Congo, Equatorial Guinea, France, Gabon, Cote d’Ivoire,

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