Advice: A sworn statement for declaration in writing before an official authorised to execute such instruments.

Agreement: A contract or bargain to do or not/to do certain things. Whereas it is always desirable to have all the agreements in writing, however, it has often been found that even verbal agreements are equally honored by the parties concerned.

All-risk insurance: An insurance policy insuring against loss caused by all perils except those specially excluded and are hence mentioned on the policy.

Appeal bond: A bond required of an appellant to assure payment of costs and damages if the appeal is lost.

At the market: An order to a broker to sell immediately at the best price possible.

Back till: A statement of unpaid charges.

Bad debt: A debt which is, no more expected to be recoverable from the debtor.

Balance sheet: A list of statement showing the details of assets and liabilities or any organization).

Bank acceptance: A bill of exchange accepted by a bank for payment on the due date.

Bill of exchange: It is an unconditional written order by one party to a second party ordering the latter to pay to some third party on demand or at some future date.

Bill of lading: A document issued by the carrier to the shipper as a receipt and as a contract governing transportation and delivery of goods. The carrier generally issues two copies-one for giving to the shipper and the other forwarded to the consignees.

Bond: A sealed document by which a person binds himself, his heirs, executors and administrators to pay a sum to another person on or before, a specified date.

Bonded goods: Goods stored in a warehouse by an owner who has furnished bond to pay duty or taxes due.

Bonded warehouse: A government building in which goods are stored.

Brand: Trade mark applied on package and other containers.

Breach of contract: Breaking the terms of a contract by non performance or doing some such act which is contrary to terms of the contract.

Broker: An agent or buyer' or seller who works on commission basis.

Cost and freight: The price quoted is freight paid to destination but not insured.

Call loan: Money loaned payable on call or demand. Such contracts are secured by securities as can be readily sold if the money is not paid. The limit allowed for payment before tile securities is twenty-four hours.

Cash discount: A discount allowed for payment of a debt

Caveat Emptor: It is a Latin phrase which means 'let the re'. In other' words, all risks lie with the buyer except what constitutes fraud and certain implied warranties. 

Caveat Venditor: It is a Latin phrase which means 'let the buyer aware. It is sometimes used as an opposite of caveat emptor.

Closing price: The price at which the last sale on an organized market is made on a particular day.

Common carrier: A transportation agency operating under a certificate from the government which requires the carrier to serve all the people.

Common law: Usages and customs which have come to be sanctioned precedents, but are not reduced to codes.

Consignment: A form of bailment in which one party sends goods to another party for sale.

Contract: Acceptance of agreement. An agreement between two or more parties for a legal purpose and supported by consideration.

Credit: Ability to secure goods and services in the present against the promise to pay for them in the future.

Credit bill: A bill of exchange where the debtor has arranged in advance for credit with the drawee.

Creditor: One to whom some debt is owed by another.

Date of maturity: Date on which a debt must be paid.

Dead Stock: Inventory for which there is little or no demand.

Dead weight: The weight of freight-carrying vehicles without load.

Debt: Amount owed by one to another.

Default: Failure to perform a term of contract at a stipulated time.

Discount: A reduction of a principal, amount.

Dishonor: Failure or refusal to make payment on a note or bill of exchange when due.

Due bill: A written admission of debt.

Endorsement: The writing of the holder's name on the back of a cheque or a bill of exchange in favour of another.

Express warranty: A statement of-conduct by a seller to a buyer that a specific condition exists in the charter of goods.

External debt: The debt held by persons outside a country.

Face value: The value stated on the face of a security of insurance policy. This is the value on maturity or death.

Free on board: It means that the sale price covers all charges, including delivery of goods free on board, truck, cargo, vessel at a designated point, either at the origin or the destination of a shipment.

Fraud: Securing consent to a contract by misrepresentation made with knowledge or by trick.

Goodwill: Value of a firm's reputation.

Gilt-edged securities: Stock on which interest is not only safe but also sufficiently high.

Grace period: Any period beyond due date granted to a debtor by a creditor.

Gross profit: Total allowable receipt of a period's operation less the cost of goods sold, before allowing for operating expenses and income-tax.

Hire-purchase: A system for the purchase of goods by which they are obtained on hire and each payment is also treated as part payment of the purchase.

Imports: Commodities or services brought from foreign countries.

Impost: A tax particularly used to describe import duties. 

Indemnity: Security against damages or loss. 

Indorsee: One to whom an instrument is transferred by endorsement.
Indorser: Refers to one who has put his name on the negotiable paper in order to transfer title (ownership) from himself to another or to guarantee payment.

Inland bill: A bill of exchange drawn and payable within the country.

Insolvent: One who cannot pay debt.

Interest bond: A bond issued in payment of interest on other bonds because of a shortage of cash to pay the interest.

Interim bond: A temporary certificate which is replaced by a permanent bond at a later date.

Invalid note: When a promissory note is obtained by misrepresentation under threat or for illegal gratification such as gambling, bribery, etc. the note becomes invalid.

Invoice: A business form showing the items shipped and charges therefore sent by the seller at the time of shipment.

Jettison: The throwing over-board a ship of goods etc. on account of bad weather or enemy action, etc. "The owner of the property so sacrificed, for the preservation of the whole, has a claim upon the owners of the property, who are bound to share his loss with him."

Jury: A body of persons chosen and sworn to hear and pass verdict upon evidence brought forward in a trial, inquest or inquiry.

Letter of allotment: A letter informing an applicant, for shares that certain number of shares has been allotted to him.

Legal tender: Paper or metal money that a Government decrees must be accepted as a lawful payment for debts.

Licence: It is a permission given to do some act which without such permission would be unlawful.

Lien: A legal right of a person to detain or control property belonging to another until certain charges upon it have been paid or until some pecuniary claim against the owner has been satisfied.

Liquidation: The winding up of the affairs of an organization.

List price: The pride shown in the sales list of the seller. 

Margin: A percentage deposited with a broker to secure him against loss by violent fluctuation in price.

Market area: The territory within which the products purchase or sale affects the price generally prevailing for that commodity.

Market price: The price at which the goods are exchanged in the market from day to day or the current ruling price in the market.

Market value: The price at which stock, bonds, notes or goods sell in a given market at a given time.

Maturity date: The date on which an obligation is due.

Maturity value: The amount which must be paid on, the date an obligation is due.

Middleman: One who stands between the producer or manufacturer and consumer.

Monopoly: Market situation in which one person or group has such a control of the supply of a commodity as to be able to regulate its price.

Mortgage: A deal transferring property to a creditor as security for the payment of a debt.

Negotiable instrument: Such as bills, notes, cheque, bonds, and other documents are by common usage on transfer by delivery from one person to another convey a legal right to the property therein free from all claims.

Net profit: Profit after all deductions.

Net sales: The total of all sales after deducting return
sales.

Normal price: That price which will in the long run make the rate of production and rate of consumption equal

Notary: A person duly authorised to take oaths, attest deeds and writings, etc. by the Government.

Obligation: Any enforceable debt (business). A duty
owed by one person to another (legal).

Octroi: A tax imposed on articles coming inside a city. Revenues from such sources generally go to municipal bodies.

Official exchange rate: The ratio which is applied by the monetary authority of one country in exchange of that of another Country.

Open cheque: An uncrossed cheque payable on presentation to "bearer or order" as the case may be. 

Open credit: Credit given by a banker to a customer
without guarantee or security.

Open indent: An importer's purchase order to an exporter, which may be filled with goods from any manufacturer or firm, provided the goods meet specification.

Opening price: The price at which the first sale on an organized market is made on a particular day.

Open letter of credit: A letter of credit without special conditions.

Open rate: See market rate.

Over draft: A draft drawn in excess of the amount owed by the party upon whom the draft is drawn.

Par value: In the case of bonds and stocks, the face value appearing on certificate is the par value.

Patent: A patent is an exclusive right granted under the Patent Act to the inventor of a new useful technical invention.

Patent infringement: Unauthorized use, sale or manufacture of a patented article.

Payee: The person named on a cheque, bill of exchange or other, document who is to receive payment

Petty cash: A cash held for small disbursement. It is also termed petty fund.

Plaintiff: One who brings a suit in a court of law.

Pledge: It is a bailment of personal property by the owner to another as security for a debt.

Policy: In insurance, it is the contract between the insurer and the insured setting forth the various terms and conditions of the contract.

Pool: A combination formed to control the price of merchandise.

Post-dated: Said of a cheque or other document which bears a date subsequent to the date of delivery.

Power of attorney: A document authorizing a person to act legally for another.

Pre-paying: Paying before the date on which payment is due.

Price: The amount of money which expresses exchange value of a single unit of goods, as 1000 grams, or one kilo of tea leaves.

Proforma: Latin for "for the sake of form". Used to describe in accounting financial and other statements or conclusions based on assumed or anticipated facts.

Pronote: Written promise to pay on demand or at a specified future time to a person specified on his order. 

Pro rata: In proportion to respective rights or liabilities.

Normal price: That price which will in the long run make the rate of production and rate of consumption equal.

Quantity discount: A discount allowed on the principal that large quantities involve lower costs.

Quotations: The current published price of any commodity or security. Often two prices are given-(1) the price asked for by sellers; (2) the price offered by buyers.

Rate: The charge per unit for goods or services.

Rate war: Cut-throat competition between two or more carriers in an effort to attract freight by cutting rates.

Rebate: Part of payment returned.

Receipt: A written acknowledgement that something has been received.

Re-insurance: Transfer of a part of risk from one insurer to another.

Revocable letter of credit: A letter of credit which can be cancelled at any time.

Sabotage: deliberate conduct damaging machinery, destroying raw materials or turning out defective work.

Salvage: Property saved from a fire or a wreck.

Secured creditor: A tender presented to an officer with seals, to be opened on the day fixed for the purpose.

Shareholder or stockholder: The owner of a stock certificate, part owner of the corporation.

Sight: Said of bills of exchange payable when received and in which no days of grace are allowed.

Sight draft: A cheque or draft on bank, commercial house, or debtor which demands payment immediately upon presentation.

Sleeping partnership: One in which only capital is furnished and no active part is taken in business.

Slump: A period of bad trade caused by lack of demand for commodities.

Solvency: The ability to discharge all debts and obligations in full.

Special agent: An agent whose powers to act for his principal are limited.

Spot price: The price for goods deliverable immediately.

Stock exchange: A place where stocks and bonds are purchased and sold through brokers under definite rules and at regular hours.

Speculation: Selling of goods or securities in the hope of making a profit from the change of price.

Syndicate: A combination of persons or firms to achieve a common business purpose.

Tariff: It is protection for indigenous industry or measures undertaken by any country to protect its own industry against the trade competition from outside.

Tax: A compulsory payment to the Government to defray the expenses which it has incurred in performing services for the common benefit.

Time bill: A bill of exchange payable at a future date rather than immediately.

Trade bill: A bill of exchange drawn by the seller of the goods on the buyer covering the payment of goods.

Trade discounts: The discounts allowed to the middle men.

Trade mark: A distinctive device or imprint used by a person to identify his products.

Ultra vires: Latin for 'beyond the power'. Generally used to describe an act by a corporation or its agent which is beyond the powers to set out in the articles of incorporation.

Unilateral contract: It is a contract that is binding on any one party to it, such as a loan of money.

Unsecured creditor: A dealer whose lien or debt is not secured by any collateral or mortgage.

Warrant: A magistrate's order for the arrest of a person or seizure of goods; or a receipt for goods deposited in a warehouse, and a negotiable document entitling the holder to certain money or property.

Will: Legal disposition of property on one's death according to written instructions of the deceased.

Writ: A written command in the name of State or Court directing the State or Court to act or abstain from acting in some way.

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