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

NUMBER OF DAYS OF INVENTORY ON HAND

The average number of days that an item spends as a part of an inventory, expressed as a ratio. It is used to determine the quality of inventory control and thus is

NULL HYPOTHESIS

A proposal that has to be verified before its acceptane or rejection to favor a relative proposal. A common null hypothesis states the absence the absence of a relationship between the two

NULL AND VOID

Something redundant, or that has no value, or effect, commonly used in the legal sense.

NUCLEAR MATERIAL

A material that possesses radioactive properties. Nuclear materials such as Uranium 233 or 235 are used to produce nuclear energy.

NUMERICAL RATING

The determination of the policy rate for the insured who falls below standards. A value of 100 is assigned to an insured who meets standards stated on the policy. Depending on impairments

NUMERIC RELIABILITY

The probability that an item will fulfill its operations for the duration specified without being spoilt.

NUMBERED ACCOUNT

The allocation of a unique number to identify an account holder instead of his name. All banks follow this system of allocation and reference.

NURSE FEES

The fee paid to the nurses who work in the hospital, is mandated through this clause.

NUTRIENT POLLUTION

A type of contamination that results in the excessive growth and algae that is caused by the release of plant nutrients into the water or soil. This causes oxygen depletion to the

NUTRIENT

A chemical substance, usually compounds that are absorbed by the tissues in the body when consumed. They are essential for survival.

NURSING HOME

Inviduals who suffer from chronic illnesses or are unable to provide for themselves are provided care through nursing homes. Due to the longterm nature of the service provided, they are also referred

NUMERAIRE

1. Economics: A commodity that is the basis on which the prices of all other commodities are measured. 2. Finance: The currency that is the basis of expression for all other currencies.

NOVEL

1. Usually refers to an idea or action that is considered to be unique and unusual. 2. A comprehensive fictional story that ties elements of literature such as dialogues, characters, etc, to

NOTICE OF SALE

This notice is a legal requirement that has to be issued by the lender before the intended sale of the mortgaged property due to foreclosure.

NYSE ARCA

The exchange of stocks and exchangetraded funds is possible through this electronic trading platform. It also offers efficient and lightning quick execution of orders and also provides direct access to the market.

OASDI

An old slang term to refer to diabled individuals or the elderly who depend on the insurance and other funds that are sanctioned by the government. Social Security is the current term

OBJECT

1. Accounting: The goods or services that was purchased. 2. Modeling: The modeling arhitecture’s portrayal of a real world situation through a representation. 3. Programming: A program that consists of data and

OBITER DICTUM

A latin term meaning said in passing, it is a judge’s statement that is based on some established facts, but does not affect the judgement.

OATH OF OFFICE

A person assuming a position in a public office either through election or appointment is expected to take this formal oath which reminds them of their obligations to the public and to

NYMEX

An exchange for the trading of futures and options that are related to energy, palladium, etc. It is a subdivision of the New York Mercantile Exchange.

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