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

Category: V

VETERANS

the name of a federal government agency that administers government benefits to veterans of the US armed forces and their dependents.

VENDETTA

the term that describes the private feud that is often associated with violence and a desire to revenge a wrong.

VALUE FAIR

the value that a seller will sell an item for a and a value the buyer is willing to pay.

VERDICT ESTOPPEL BY

a verdict that is barred as the same issues have already been settled between the same parties in an earlier suit.

VOICE EXEMPLAR

This means to record a person’s voice for the purpose of identification.

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.

VALUE ADDED WORK

Actions that increase output generation is more valuable than the inputs used to create it.

VARIABLE PAY

Compensation that needs to be earned every month to be paid, commission and not monthly wages.

VERTICAL MARKET SYSTEM (VMS)

Formal or informal distribution where members work together for best efficiency and economies of scale and eliminate conflict in channels of distribution.

VETTING

Formal examination prior to grant of approval.

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