Significant changes, as additions to and/or deletions from text in a legal sense or effect to a legal instrument , such as a contract, deed, will, or the like. Such […]
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MATERIAL BREACH
Significant enough substantial failure in the performance of a contract, as to give the affected party the right to sue for damages as well as release the aggrieved party from […]
MATERIAL CONTRACT TERMS
A sales contract’s essential terms. A description of the item sold, the price, the quantity, and the delivery date are essential components of the material contact terms.
MATERIAL COST
Product production’s monetary investment. Things that incur material costs, for example, are the ingredients of a meal or the parts of a machine. The cost of labor to produce the […]
MATERIAL EVIDENCE
the facts or issues of a case or enquiry that can affect its conclusion or outcome have a significant relationship with this type of proof or testimony.
MATERIAL FACT
Crucial to the interpretation of a phenomenon or a subject matter , or to the determination of an issue at hand this is a specific type of confirmed or validated […]
MATERIAL FRAUD
the term that is applied to tricking a person to enter a contract or agreement that without trickery they wouldn’t have considered.
MATERIAL INFORMATION
When it is revealed to the public, any company or product information that is likely to change a security’s perceived value . Common examples of material information are: bankruptcy filings, […]
MATERIAL ISSUE
the term used to refer to the importance of a legal consequence .
MATERIAL MAN
Provider of construction or renovation project materials. A mechanic’s lien from the property owner or builder guaranteeing payment for the materials is typically given to the material man .
MATERIAL MISREPRESENTATION
If known to the other party, a contract, deal, or transaction could have been aborted, or significantly altered by this deliberate hiding or falsification of a material fact .
MATERIAL OVERHEAD
Purchasing, receiving, handling, storing, and delivering materials used in assembly or production processes all contribute to this type of cost.
MATERIAL PARTICIPATION TEST
A taxpayer is identified as a material participant in a business by this specific type of criteria. Income received by the taxpayer from that business will be identified as active […]
MATERIAL PRICE STANDARD
A material’s price expressed in monetary units as this type of pre-established measure.
MATERIAL QUALITY STANDARD
A material’s quality expressed in physical units as this pre-established measure.
MATERIAL RECOVERY
Separating and processing waste products to reclaim usable material is the emphasis of this type of resource recovery method.
MATERIAL WEAKNESS
If the internal checks and balances put in place by a firm are inadequate in discovering errors and preventing them from occurring again, failures that could occur could potentially lead […]
MATERIAL WITNESS
the name that is given to the witness who can give information no one else can and is important to the case of the prosecution .
MATERIALISM
1. What cannot be perceived, being of the mind, mental states, or spirit, does not exist in this concept. Only that in nature one can perceive through senses, it being […]
MATERIALITY
The property or character of being material. See MATERIAL.
MATERIALS
The substance or matter of which anything is made; matter furnished for the erection of a house, ship, or other structure; matter used or intended to be used in the […]
MATERIALS HANDLING
Loading, unloading, palletizing, depalletizing, and the like occur within a storage area as this type of short distance movement of goods or materials.
MATERIALS INVENTORY
To produce or manufacture a product or service needed supplies are in this type of compilation .
MATERIALS MANAGEMENT
The complete cycle flow of materials, and the associated flow of information defined as this type of planning and control of the supporting functions. In typical sequence: (1) identification , […]
MATERIALS QUANTITY VARIANCE (MQV)
In a manufacturing operation this is material’s standard cost minus material used actual cost . A company calculates that the materials needed to manufacture one of its products costs $5, […]