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

Category: G

GATHER IN THE STOPS

Concentrated selling to drive a security price down to levels where STOP ORDERS are known to exist. This forces the stop orders to convert into buy or sell MARKET ORDERS, clearing the

GENERAL AGGREGATE LIMIT

Commercial general liability limit legally imposed. Applies to personal injury, property damage, and bodily injury awards and several different types of damages.

GENERAL COUNSEL

A senior partner in a law firm or the firm’s full time employee who is a senior lawyer representing a firm.

GENERAL SERVICES

Insurance, medical, payroll, personnel, and security services not confined to any department or function, applicable to the entire firm.

GENERIC MARKET

Sellers satisfying buyers of similar need in various scenarios generate this type of market.

GIGABIT (GB)

One billion bits. Exponential: 2^30; As a number:1,073,741,824.

GLASS

transparent material, Solid but easily breakable. Man-made; does not break down organically. material that is usually and breaks easily. For example, used for windows, eye glasses, and bottles. Made by fusing sand,

GLOBALIZATION

Economic, financial, trade, and communications integration moving worldwide.

GOING CONCERN VALUE

An operating, normally functioning business’ worth to a buyer. This worth is usually more than the sum of the market’s liquidation value of this entity’s assets. It is viewed as excess value

GOLDEN HANDCUFFS

Contractual reasons that keeps a key employee or a former owner working with a firm. A penalty for premature termination could require relinquishing all unvested stock. In exchange, the person might get

GOODNESS OF FIT

Warm fuzzy; level of confidence. Degree of comfort that a sample survey’s or test result are reliable for making dependable projections. Described formally as the degree of linear correlation of variables, it

GRADED PREMIUM

The beginning premium of a contract is low and increases over time based on a schedule.

GRANDFATHER CLAUSE

Exemption-allowance statement. Insulates specific entities, object, or situation from the fallout of changes or imposition of a decision. It could be a rule, law, or statute with pre-existing conditions. An example is

GREATER FOOL THEORY

Puts forth the view that any price, as unrealistic as it might be, is warranted if one buyer believes that another buyer will pay an even higher price for the same item.

GROSS BLOCK

A count of valued entity instruments. Long-term asset depreciable costs are excluded.

GROSS NATIONAL INCOME

Total international income added to the gross domestic product (GDP) makes up this value. Government expenditures plus international assets generated income plus gross exports generated income minus gross import taxes minus indirect

GROSS SALES

Un-adjusted, total sales invoice value. Un-adjusted means prior to deducting discounts or returns, or miscellaneous adjustments.

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