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

Category: G

GENERAL ACCOUNTING OFFICE

federal agency that is headed by a person called the comptroller general who is responsible for auditing and accounting for the funds of the US government.

GENERAL INSTRUCTION

the instructions given to the jury by the judge before they begin deliberation. The merits of the case are listed and the verdict is based only on these points.

GRAND LARCENY

the term that is used to describe the theft of a large sum of money that is greater than a set amount.

GAIA HYPOTHESIS

Gaia is the ancient Greek goddess of the Earth. A metaphor, a concept, not a proven fact, that our Earth is an aware, self-regulating entity (giant cell?) that adjusts to changes and

GAMMA

Rate of option delta changes to the price change of an underlying asset. Positive gamma means the trading position has positive convexity. Positive convexity means an increase in the value of the

GAS GUZZLER TAX

Tax on vehicle total purchase price if fuel efficiency is less than 22.5 miles per gallon. Typically paid by the automobile manufacturer or importing dealership. Likely passed on to the buyer somehow.

GDP PER CAPITA

A ratio of individual consumer spending over total population products and services consumption.

GENERAL AVERAGE

Now largely replaced by (refer to) relevant institute cargo clause, it is a provision to share risk, damages and expenses incurred in proportion to the value of exposed cargo. It is a

GENERAL GUARANTEE

Covers any obligation incurred by the guarantor. Enforced by anyone to fulfill an obligation as a written undertaking.

GENERATION GAP

Differences between older and younger age groups. Technological advances often widened these gaps. Opinions, tastes, beliefs, and other social and cultural norms are the basis of these differences.

GENETIC PROFILING

The unique characteristics of a person’s DNA are identified for forensic or diagnostic purposes by using this biotechnology. Known also as genetic fingerprinting.

GEOTHERMAL ENERGY

Typically, generating electricity from running turbines of a conventional power plant using superheated water or steam from earth’s interior. Often the needs of a local community are covered because these plants are

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.

GLITCH

A small error or nuisance malfunction. Though small, this error can impact an entire operation, preventing smooth, efficient execution. More of a techie term. For example, font color of a web page

GLOBAL PRICING CONTRACT

A supplier must charge the same price to customers by contract for the delivery of parts and services around the world. this practice very popular due to the benefits from worldwide price

GLUT

Anything exceeding demand. Typically, decreases market price.

GOING PRIVATE

Transitioning to a closely-held private firm from a public firm with outstanding shares by repurchase of all said shares, taking itself off the open market.

GOLDEN PARACHUTE

To compensate for loss of office after a takeover or merger, a huge bonus and/or a lucrative contract or a stockholding (shareholding) in the new setup is offered to a director or

GOOGLE ADWORDS

Google, Inc. advertising program. A popular method with low start-up costs and high potential profits for the site owners. A company displays its ads on a Google website. Uses the pay-per-click basis

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