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What Is LIFO and FIFO?

LIFO and FIFO are popular and often used abbreviations. LIFO means “last in, first out” while FIFO means “first in, first out.” These are terms that are commonly employed in the field of inventory control, cost accounting and also in the field of computer science. When used in inventory control,...

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What Is Racketeering?

In a nutshell, racketeering is an illegal business scheme set up by a group with the goal of making a profit. Activities can include bribery, sexual exploitation of children, and illegal gambling—though there are much, much more. For example, the group may be involved in theft, fraud or extortion...

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What Is Social Security?

Social Security is a kind of “safety net” created by the United States government. It was inspired by the Great Depression, where millions of Americans lost their jobs and were plunged into poverty. Through social security, members who had made the necessary payments could at least be guaranteed...

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What Does Legally Binding Mean?

Legally binding agreements are terms undertaken during a contract. Legally binding means that one agrees with the terms under a written or spoken contract to behave in certain ways. Legally binding agreements indicates that an arrangement has been consciously made, and certain actions are now either...

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What Is the Statute of Frauds?

Contract law stipulates that some agreements must be formalized and recorded in writing. This requirement is referred to as the statute of frauds. This statute exists since it is difficult to uphold certain kinds of oral contracts in a court of law. The statute of frauds determines under what...

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What Is a Closed Corporation?

Individuals who have purchased stocks or shares control corporations. Thus, a closed corporation, also known as a private company, is owned by a few people who have all the controlling stocks or shares in that corporation. The usual example of a closed corporation is that of a family corporation...

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Where Does the Us Oil Supply Come From?

Based on information provided by the US Department of Energy, 40 percent of the United States' energy requirements are being met through the use various petroleum products. This is a cause for concern among many people who think that the country should be implementing measures to slowly shift...

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What Is a Property Easement?

A property easement is the right to use a certain portion of a real estate property for a specific purpose and without having to own it. Easements are commonly involved in determining and seeking access to a property owned by another individual. Originally, there are only four types of easement....

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What Does “To Tighten Your Belt” Mean?

To tighten your belt” is an idiomatic expression that is used during times of financial or economic crises. It simply means to cut down on your spending. This entails making sacrifices and giving up certain things in order to deal with the financial problem. The expression can apply to individuals,...

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What Is Casualty Insurance?

There are many kinds of insurance policies, and casualty insurance is a category that deals with loss associated with events that are unforeseen. For example, loss due to burglary and fraud can be covered by casualty insurance. However, injury or loss due to health issues and fire are not included...