The Law Dictionary

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

Category: G

G-8 FINANCE MINISTERS

Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States G8 summit representatives in the annual meeting.

GAMBLING

Betting; wagering. Results in either a gain or total loss of wager, the money or asset put up. Neither risk-taking nor investing, nor like insurance. Risk taking or speculation takes on substantial

GARMAN KOHLHAGEN MODEL

Foreign exchange’s European call option value estimating formula. Risk-free interest rate paid on foreign currency is a continuous dividend yield in this formula. Borrowing and lending takes place at the same interest

GAUGE REPEATABILITY & REPRODUCIBILITY (GR&R)

Measurement accuracy determination. Confirming a test result by several measurements taken by the same person are identical in value, setting its repeatability, and several measurements taken by different persons are identical in

GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

An agency of the United Nations established in 1948 to promote international free trade. GATT was actively involved in coordinating issues related to multilateral quotas and tariffs, export restraints, and intellectual property

GENERAL CRIME EXCLUSION

Protects the insurer from liability for damage to insured persons or property caused by criminal activity. Excludes a business or its employees from coverage if doing a criminal activity. An addendum to

GENERAL ORDER WAREHOUSE

Storage facility for goods not yet been bonded through Customs for legal entry into the country, but have arrived in the United States. Items can be in the warehouse for up to

GENERAL VERDICT

Typical jury decision. In a civil case it favors one or the other party. In a criminal case, the defendant is guilty or not guilty. Usual form of court verdict.

GENERIC

An item marketed with no brand name, trademark, or other distinguishing feature. Nothing separates it from other similar items except for it market name. Part of a certain general class, or genus,

GEOGRAPHIC PRICING

Transportation costs based on the customer’s or market’s distance is computed to generate a selling price using this variable-pricing method.

GIFFEN GOOD

Condition seemingly paradoxal that a consumer item, deemed essential to the community, is in greater demand when its price rises, and in less demand when the price falls. This occurred to corn

GIGAWATT HOUR (GWH)

Equivalent to: 3.41 billion British thermal units (Btu) or 3.6 terajoules or one thousand megawatt hours or one billion (10^9) watt hours. A unit of electrical energy.

GLASS COVERAGE FORM

Commercial glass insurance, for example, plate glass covered by a form specifically.

GLOBAL INTERDEPENDENCE

World-wide, mutual dependence. Perceived as each country depending on, and depended on other countries. Comes from the importing and exporting of goods and services. Has been the source that highly contributes to

GLOBAL WARMING POTENTIAL (GWP)

Ratio of potential atmospheric warming caused by a substance measure to the same mass of carbon dioxide. Methane is 21, and water vapor is zero. An example is CFC12, a refrigerant, of

GOING CONCERN

A business currently successful with indications in the foreseeable future of continuing to do well.

GOLDEN BUNGEE

Providing consulting services, public relations gigs, or remaining connected to the company somehow, an executive’s severance package provides generous perks in exchange.

GOOD FAITH BARGAINING

Objective evidence of action satisfying the requirement that the parties to a contract regularly meet and willingly discuss resolution on proposed new contract terms. No demand exists on any party to make

GOODWILL

The primary INTANGIBLE ASSET of a company, generally comprised of reputation, contact networks, intellectual property, and branding. Although the assets have value, they cannot be physically inspected and are extremely ILLIQUID. Goodwill

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)

A US governmentowned CORPORATION (and agency of the Department of Housing and Urban Development) that purchases residential MORTGAGES guaranteed by the Department of Veterans Affairs and the Federal Housing Administration and pools

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