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

Category: F

FLAMMABLE LIQUID

Liquid that has a flash point of 37.8c. This happens when the pressure is less than 60psi. The mix required for a flash point is 99% of the volume and is not

FLIP IN PILL

A POISON PILL that allows existing shareholders of a company that is the subject of a TAKEOVER to buy new shares at a discount; the pill increases DILUTION, and is thus intended

FLUCTUATING WORKWEEK

Paying overtime to a worker with different shifts per week. It makes it easy for accountants.The hourly pay must be above minimum wage. They are paid the same amount each week no

FOIL

A material that is thinner than .15mm. Anything thicker is film. Anything thicker than .25 mm is a sheet.

FOOD BORNE DISEASE

Something carried by food that is contaminated. It can be microbes, metals, solvents, or substances harmful to the body.

FOOTPRINT RATIONALIZATION

The act of streamlining faclities to get rid of redundancy. It is used to decide the size of an operating facilty.

FORMAL PLAN

A written, outlined retirement plan, stating specific, legally-enforceable rights available to eligible employees.

FORWARD

A bilateral OVERTHECOUNTER DERIVATIVE that permits the purchaser to buy, and the seller to sell, a reference ASSET at a predetermined future price and future date. Unlike a SWAP, a forward contract

FORWARD MARGIN

Commodity or currency spot price today minus the price on a set future date.

FORWARDER’S AIR WAYBILL (AWB)

A receipt for the goods shipped with other cargo as one consignment. Consolidation is done to take advantage of better freight rates. Freight forwarder or consolidator issues it to the shipper. The

FOUR UNITIES

Unity of interest, possession, time, title. Joint-tenancy agreement’s legal requirements. (1) Unity of interest is the requirement that in duration, extent, and nature, all joint-tenants must have the same interest . (2)

FRAGMENTED INDUSTRY

Market share of an industry has no single entity or group to influence direction because so many entities are competing for market share, diluting and dispersing dominance.

FRAUD RING

An organization focused to defraud people. Forgery, false claims, stealing identities, counterfeiting checks and currencies are all fraudulent activities.

FREE ENTERPRISE

Unrestrained business activities, governed only by market forces of demand and supply. Unfettered by government interference of controls and regulations. Also known as capitalism.

FREEDOM OF THE SEAS

The understanding that nonterritorial waters are open to all nations and people for fishing, laying of submarine cable or pipeline, navigation, overflight, scientific research, and so on. In times of war and

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