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

Category: V

VALUE NET

A term in insurance policies when the insurer must keep an amount aside from annual premiums in order to meet his obligations to the insured person.

VALUE CASH

the worth of an item in money, its value, saleable value, fair value. See value, fair; fair and reasonable market value.

VERBAL AGREEMENT

An oral agreement that is reached without anything committed to writing. Also a parol contract. See oral contract; verbal contract.

VALUE RULE

a rule in building contracts where an owner is entitled to the difference in value between what is built and what should have been built.

VERBAL CONTRACT

a contract that is spoken and is not written down. See oral contract; verbal agreement.

VERACITY

a term used to describe the truthfulness or the honesty of a person.

VENEREAL DISEASE

the name that is given to an infection that is transmitted by sexual contact.

VIEW OF PREMISES

a situation where the jury members leave court to see where an accident or crim occurred.

VITAL STATISTICS

the information that is kept on births, deaths. Marriages, divorces, longevity etc that is kept by public authorities for determining public utilities etc.

VALUE RECEIVED

A term often used in a promissory note meaning that there has been a lawful consideration given for the note.

VIOLATION OF PRIVACY

the interference of a person’s right to privacy by various means such as showing photos in public.

VALIDATE

1. General. Making something effective and legal. 2. Accounting. Confirm or attest to a financial item. 3. Decision making. Establish a decisions worth.

VALUE ANALYSIS

1. Manufacturing. Analysis identifying and selecting alternatives with best value for materials, design, systems and processes. Also known as value engineering. 2. Purchasing. Replacing items with more cost effective items. Also known

VALUE JUDGMENT

Subjective assessment that something is good or bad, may or may not happen. Involve ethical, aesthetical, moral values that are not factual statements.

VALUED ENVIRONMENTAL ATTRIBUTE

Important part of an ecosystem, welfare of the environment, health of a person that cab at risk from behavior and natural events.

VENT FOR SURPLUS

Adam Smith theory proposing that greater economic resources are used in international trade than through national trade.

VERTICAL PORTAL

Web site serving as the point of entry to a niche market, area of interest or subject of interest. Also known as a mortal. See horizontal portal.

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