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

Category: Finance

NON-CONVENTIONAL FINANCE

The modification of loan terms that grants eligibility to borrowers with very limited financial strength. The term ‘non-conventional’ is used an indication of the tools employed to modify the loan terms and

NONLINEAR SYSTEM

The opposite of linear systems, it refers to the system whose external factors may be disruptive and non-additive. Non linear systems cannot be broken down into smaller parts and then put back

NONPARTICIPATING PROVIDER

A provider who is not contracted with a health plan, or one who is prohibited from participating in Medicare.

NON-RANDOM VARIATION

An abnormal variation that is caused by a few factors, but causes a noticeable defects that are easily detectable. In quality control, these an be identified and eliminated to ensure a high

NON-SAMPLING ERROR

Errors which are caused by a lack in the clarity of data, inaccurate sampling methods, or failure to meet specifications. Poorly designed surveys, unprofessional selection of procedures and improper allocation of samples

NON-VOLATILE MEMORY

Computer memory that is not dependent on power. This includes CD’s and DVD’s, tapes, etc. In contrast, volatile memory devices such as the silicon random access memory (RAM) lose memory upon a

NOT IN MY BACKYARD (NIMBY)

When members of a community unite together to oppose the establishment that is not desired due to the hazardous nature of their activities, and sometimes against the establishment of institutions such as

NOTICE FOR NON-ACCEPTANCE

A notice assigned to instruments such as a check that has been dishonored. It indicates the nonacceptance of the dishonored instrument as a form of payment.

NOTIONAL PRINCIPAL

The principal amount of the underlying debt that is referred to in interest rate swap deals. When the obligation to pay interest is discounted, the principal amount gains a fictitious attribute that

NURSING HOME

Inviduals who suffer from chronic illnesses or are unable to provide for themselves are provided care through nursing homes. Due to the longterm nature of the service provided, they are also referred

OBJECTIVE STANDARD

A standard that is based on factual measurements, in the absence of a biased judgement or analysis. TLD Example: The use of a reasonable person standard to determine whether someone acted negligently

OCKHAM’S RAZOR

The requisite that the number of assumptions be kept to a minimum. The simpler of two assumptions is usually assumed in the event that both of them are equally valid.

OFF SPEC

Failure to meet the prescribed specifications or standards.

OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE

An executive department under the U.S government that handles matter related to the international trade policy. The USTR recommends trade policies and takes part in trade negotiations by working closely with the

OFFLINE DEBIT CARD

Cards that have a slight delay in the processing of the seller’s transactions and as such the seller’s account is only credited with the amount after two days. In comparison, funds are

OFF-SOURCE

Accomplishment of tasks by a third party service provider or manufacturer that saves the company on monetary and labor costs.

ON THE RECORD

An interview, meeting or courtroom session of which a written, audio or video record is kept as permanent evidence.

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