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Vvalid contract A contract that is legally good.(p. 110)value Agreed-upon consideration given or accepted inpayment of a debt. (p. 561)vandalism The willful and or malicious damage toproperty. (p. 69)verdict The decision made by members of a jury afterthey deliberate. (p. 41)vesting Act of giving a worker a guaranteed right toreceive a future pension. (p. 775)voidable contract A contract that a party to it is ableto void or cancel for some legal reason. (p. 110)voidable title If goods are acquired through fraud, amistake, or undue influence, the title may be voidedif the injured party elects to do so. (p. 276)void contract A contract that has no legal effect. (p. 110)voting trust Transfer of voting rights of a shareholderor trustee. (p. 630)WWagner Act First law addressing collective bargaining,established guidelines for determining whichemployment concerns had to be included in thecollective bargaining process. (p. 442)warehouse receipt Document given to a customer bythe warehouse that is storing his or her goods.(p. 281)warrant of merchantability The merchant warrantsthat the goods being sold are merchantable; givenonly when the seller regularly sells goods of thatkind. (p. 302)warranty Another name for a guarantee. (p. 294)warranty of fitness The seller warrants by implicationthat the goods will be fit for the purpose forwhich they are to be used. This warranty existswhether the seller is a merchant or a private party.(p. 301)warranty of title The seller warrants that the titlebeing conveyed is good and that the transfer islawful. (p. 303)waste Substantial damage to rental property that significantlydecreases the value of the property.(p. 720)will Document that is signed during a person’s lifetimethat provides for the distribution of his or herpersonal property upon his or her death. (p. 779)words of negotiability The words to the order of andto bearer on a negotiable instrument. (p. 514)worker’s compensation Insurance program thatprovides income for workers who are injured ordevelop a disability or disease as a result of theirjobs. (p. 464)Zzoning laws Limitations on property use in specifiedareas, as prescribed by cities and towns. (p. 742)Glossary 831