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

Category: F

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

FREEZING POINT

Transitioning temperature point where liquid turns solid. Each liquid compound and element has a unique point. For example, at normal atmospheric pressure that point for pure water is 0

FREQUENT FLIER

Repeat air-traveler. Typically a member of an airline mileage program. Also refer to frequent lodger.

FRONT COMPANY

This is a term used for an entity, be it an individual or group or organization used to inhibit the identification of an owner or member of another company or organization. In

FRONT-END FEE

Borrower payment to the mortgage broker. Contrast to lender-paid backend fees.

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