Validity The proven relationship that exists between a selection device and some relevant criterion.
Value Except as otherwise provided with respect to negotiable instruments and bank collections, a person gives value for rights if he acquires them:
1. In return for a binding commitment to extend credit or for the extension of immediate available credit, whether or not drawn upon and whether or not a chargeback is provided for in the event of difficulties in collection;
2. As security for or in total or partial satisfaction of a preexisting claim;
3. By accepting delivery pursuant to a preexisting contract for purchase;
4. Generally, in return for any consideration sufficient to support a simple contract.
Value Added The difference at each stage of production between the value of a product and the cost of materials needed to make it.
Value Added Network (VAN) Public data network that “adds value” by transmitting data and providing access to commercial databases and software. Most new EDI users implement their EDI through commercial vans that provide EDI services.
Value Chain The set of activities that create a product’s value to customers.
Value of Information The monetary measure of the relevance of data, expressed in terms of the monetary difference in the expected outcome with and without the information.
Values Basic convictions about what is right or wrong.
Variable Budget A budget that takes into account those costs that vary with volume.
Variable Costs Costs that arise when the first unit is produced and increase with production.
Variable Sampling A quality control technique in which a measurement is taken to determine how much an item varies from the standard.
Variance from Standard The difference from standard cost to actual cost.
Velocity of Money The average number of times per year a dollar is used to purchase final goods and services.
Vendee A purchaser of property, usually of real property.
Vendor The seller of property, usually of real property.
Vendor Compliance Guide A manual put together by retailers to identify standards for invoicing, pricing, shipping, returns, labeling, product liability, product codes, case packs and UPC coding. If the retailer’s standards are not met or challenged, they will deduct or chargeback a percentage of the purchase order, a percentage of the invoice or a set amount per transaction depending on the volume of the infractions.
Vendor’s Lien An unpaid sellers right to hold possession until he has recovered the purchase price.
Venire To come into court, a writ used to summon potential jurors.
Venture Capital Firm A company that buys stock in new firms that make products or offer services with strong profit potential.
Venue The geographical area over which a court presides. Venue designates the county in which the action is tried. Change of venue means to move to another county.
Verdict The decision of a jury, reported to the court, on matters properly submitted to the jury for consideration.
Vertical Integration The expansion of a firm into stages of production earlier or later than those in which it has specialized.
Vertical Merger Occurs when one firm unites with others that contribute to its product’s manufacture or distribution.
Vesting The right of employees to receive benefits from their pension plans.
Video Conferencing A form of teleconferencing in which the participants can see the distant participants.
View of Authority (Traditional) The view that authority comes from above.
View of Conflict (Traditional) The view that all conflict is bad and must be avoided.
Virus A type of Trojan Horse that can replicate itself and spread in a computer or network, much like a biological virus.
Voice Mail (V-Mail) A computerized method for storing and forwarding messages that are spoken rather than typed.
Voice Recognition The technique for inputting voice data by matching sound patterns of spoken words with sound patterns previously stored in the system.
Void Has no legal effect. A contract that is void is a nullity and confers no right or duties.
Voidable That which is valid until one party, who has the power of avoidance, exercises that power. An infant has the power of avoidance of his contract. A defrauded party has the power to avoid his contract.
Voir Dire Preliminary examination of a perspective juror.
Volume Variance The difference between the budgeted fixed overhead at 100% of normal capacity and the standard fixed overhead for the actual production achieved during the period.
Voluntary Bankruptcy A voluntary petition may be filed by any person, partnership or corporation, except a municipality, railroad, insurance or banking corporation, or building and loan association. The only requirement is that the petitioner owe debts; there is no requirement that he be insolvent, but he usually is.
Voluntary Settlements A bargain or contract between a debtor and his creditors which settles their claims for the most the debtor can pay and the most the creditors can get.
Voucher A document that serves as evidence of authority to pay cash.
Voucher System Records, methods, and procedures used in verifying and recording liabilities, and paying and recording cash payments.

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