The Law Dictionary

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

Category: V

VERDICT PRIVY

verdict that is given in private to a judge after the court has been adjourned. It will be given publicly when the court is in session next.

VINDICATORY

a term given to the clauses in laws that prescribe the penalties for violations of the laws.

VA LOAN

Mortgage loan available to veterans of US Armed Forces.

VALUE OF ENTRY

Total value of declared items on a duty entry form accepted by customs.

VALUES, ATTITUDES, AND LIFESTYLES SYSTEM (VALS-2)

Proprietary psychographic consumer segmentation system classifying people into 8 groups based on lifestyle. 1. Actualizes, 2, Fulfillers, 3. Achievers, 4. Believers, 5. Strives, 6. Experiencers, 7. Makers, 8. Strugglers.

VERTICAL DISINTEGRATION

Procedure covering all levels of production from raw material to administration to end product by one company. Gives the entity market place strength.

VIRTUAL ENTERPRISE

Ad hoc alliance between independent experts joined together to pursue a opportunity of business. Also known as virtual company or corporation.

VIRTUAL WORKPLACE

Workplace in several locations where all business is done via email, video and internet.

VITAL FEW, USEFUL MANY

20% of causes result in 80% of defects/effect’ said JM Juan when applying the Pareto principle to quality management.

VOIDABLE CONTRACT

Contract with legal force and effects when made that can later be annulled by court by a recession process.

VOUCHER

Document confirming an action has occurred.

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