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

Category: M

MANAGEMENT AUDIT

A systematic organizational management assessment. Evaluates sufficiency of methods and policies. Resource administration and use, tactical and strategic planning, and employee and organizational improvement are this action’s focus.

MANAGING PARTNER

Senior partner’s highest formal job title. Typically accountable for a firm’s overall practice, management and day-to-day operations. This job title is most used in accounting and law firms. In terms of duties

MANUAL EXCESS

Liability limit excess in an insurance premium’s amount. Multiplying the manual rate by rate factors found on a table establishes this premium. Determines a premium for the limit selected.

MAREVA INJUNCTION

Until the outcome of an associated law suit is decided, this court order prevents a defendant from transferring assets. ‘Mareva Compania Naviera S.A. vs. International Bulk Carriers S.A.’ was the founding 1975

MARGINAL PLAYER

A company having a relatively minor impact on its own field of operation due to dominating rival companies of greater size and influence. Marginal players are always susceptible to their larger rivals’

MARGINAL RATE OF TRANSFORMATION

Producer’s substitution rate of a small input variable’s amount for another small input variable’s amount. This rate indicates the opportunity cost of a unit of each commodity in terms of another.

MARKED CHECK

A check guaranteed by the bank on which it is drawn when marked ‘good for payment’, typically by means of a special stamp. The check’s issuer thereby acknowledges to having sufficient funds

MARKET OF ONE

A customer feels like the firm’s exclusive, preferred customer due to this level of customization and customer service.

MARKET-VALUE WEIGHTED INDEX

A weighted average in proportion to each of the securities’ market value gives its value base to the overall group of securities that encompass the indexing used directly in this type of

MASONRY NONCOMBUSTIBLE CONSTRUCTION

Non-combustible materials for the roof and floor, and brick or concrete on the outside walls of a structure are the main ingredients in this type of construction.

MASTER LEASE

1. In Equipment leasing, this is on ongoing type of lease arrangement. Additional equipment is leased by simply doing a new lease schedule for the new equipment rather than doing a new

MATERIAL BREACH

Significant enough substantial failure in the performance of a contract, as to give the affected party the right to sue for damages as well as release the aggrieved party from its obligations

MATILDA

A note issued in Australian currency to the Australian markey by a foreign country.

MATURITY MISMATCH

Event noted by a mismatched balance sheet, having one of several situations of unbalance between short-term to medium-term to long-term assets to liabilities. A company also indicates its ability to borrow by

MAXIMUM LOAN AMOUNT

A borrower’s secured loan’s highest dollar limit. Set by the lender according to the purpose of securing the loan as well as various factors related to the borrower. The selected loan program,

MEAN TIME BETWEEN FAILURES (MTBF)

The reliability of repairable items quantified as a basic measure. For computers, MTBF is called power on hours (POH). Duty cycles, time cycles, distance, events, and the like are known as life

MEDICAL DISASTER

In the wake of a disastrous event, its health care system is overwhelmed, resulting in so many needy that the general health level of a community or society declines gradually or sharply.

MEMORANDUM OF ASSOCIATION

British document regulating a company’s external activities. Required to presented at a registered or incorporated company’s formation. Along with the company’s articles of association, as the company’s charter, it forms the company’s

MERCOSUR

MERcado COmain del SUR. Argentina, Brazil, Paraguay, and Uruguay formed this customs union established under the 1991 Treaty Of Asunciean. In 1996, Bolivia and Chile joined it as its associate members. Following

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