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

Category: M

MICROORGANISM

Visible under a microscope, this type of living organism is too small to be seen with naked eye. Also known as microbe.

MIDDLE-OF-THE-ROAD

An expression typically meaning that this entity is taking no extremes in its strategies. It also refers to entities that target customers in the median income and spending tendencies range. The focus

MILK RUN

In the past, it meant an easy, simple delivery schedule. In current terms, it is a delivery method for different suppliers and mixed loads together. This method is from the dairy industry

MINERAL LEASE

In exchange for predetermined compensation, this is a specific type of lease arrangement between an entity and a property owner. It grants the entity the rights to explore to determine if minerals

MINIMUM PURCHASES

To invest in a mutual fund the financial institution requires this specific type of lowest monetary amount. To open a new account, this is called the minimum initial purchase. To deposit into

MINOR’S ACCOUNT

A specific type of savings account setup for a minor by an adult. This type of banking account does allow the minor to make withdrawals and deposits, but does not provide all

MISSTATEMENT OF AGE

The insured’s falsifying own age on a policy application or falsifying a beneficiary’s age to trigger benefits sooner. This term also refers to a clause that details the insured’s consequences upon finding

MNEMONIC

An acronym or rhyming sequence, as examples of this specific type of memory-assistance device or formula

MODIFIED

Many contexts use this general term. Insurance coverage on similar policies refers to a changed premium from the normal premium.

MOMENT OF TRUTH

The customer’s opportunity to form or change an impression about the firm. That instance of contact or interaction between a customer and a firm. A product, sales force, or visit is often

MONITORING

To ensure one is on course and on schedule in meeting objectives and performance targets, one supervises activities in progress.

MOOT POINT

Raised during a debate, this type of matter has absolutely no effect on the debated controversy.

MORNINGSTAR SYSTEM

Rating scale for US mutual funds. Uses a one star (lowest) to five stars (highest) range. Ratings based on a fund’s risk-adjusted performance over a 3, 5, and 10 year period. Morningstar,

MORTGAGE LOAN PAYABLE

Throughout the accounting period on the balance sheet principal interest payment transactions are recorded. The balance is transferred to the next accounting year if the principal is unpaid at the end of

MULTI-BRAND STRATEGY

Under different and unrelated brands two or more similar and competing products are marketed by the same firm. Multi-brand strategy has some advantages as a means of (1) holding more shelf space,

MULTIFUNCTIONAL PERIPHERAL

One compact unit that combines fax, phone, scanner, copier, and printer functions is this type of office appliance.

MULTIPLE SOURCING

Using many different providers of components and services in the production process. This reduces production risk to the supply chain if it has a problem and keeps production on track in the

MUNICIPAL IMPROVEMENT CERTIFICATE

To fund projects, local governments used this specific type of certificate . The loans issued with this certificate are interest and tax free. This helps minimize the cost to the local governments

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