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Law Dictionary Word Under V

Posted by Muhammad Atif Saeed | Friday, 13 January 2012 | Posted in ,

Vendee a person who buys something.

Vendor a person who sells something.

Verdict the jury's decision at the end of a case.

Vesting order a way the High Court transfers land without the need for a conveyance.

Vexatious litigant a person who regularly brings court cases which have little chance of succeeding.

Vicarious liability a situation where someone becomes responsible under the law for wrongs done by someone else. This often happens when an employee does something wrong while at work which becomes the employer's responsibility (such as an employee working negligently and causing someone else to be hurt because of the negligence).

Violent disorder three or more people in a gathering using or threatening to use unlawful violence. 

Void unable to be enforced by the law. 

Voidable - able to be cancelled in certain circumstances.

Voluntary arrangement an agreement between a debtor and the creditors. If a person or a company cannot pay their debts when they are due they can come to a voluntary arrangement with the creditors to pay the debts over a period. If the creditors agree with the proposals it avoids bankruptcy of the individual or liquidation of the company.

Variable Cost

Posted by Muhammad Atif Saeed | Saturday, 7 January 2012 | Posted in ,

A corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases. Variable costs differ from fixed costs such as rent, advertising, insurance and office supplies, which tend to remain the same regardless of production output. Fixed costs and variable costs comprise total cost.

explains 'Variable Cost'

Variable costs can include direct material costs or direct labor costs necessary to complete a certain project. For example, a company may have variable costs associated with the packaging of one of its products. As the company moves more of this product, the costs for packaging will increase. Conversely, when fewer of these products are sold the costs for packaging will consequently decrease.

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I am doing ACMA from Institute of Cost and Management Accountants Pakistan (Islamabad). Computer and Accounting are my favorite subjects contact Information: +923347787272 atifsaeedicmap@gmail.com atifsaeed_icmap@hotmail.com
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