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Merchantable
Of commercially acceptable
quality; the quality and condition of the item
to be sold to fulfill the requirements of the
purchaser.
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Merchantable Quality
A requirement of the Sale
of Goods Act that goods must be fit for at
least one ordinary purpose; adequate for
ordinary use.
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Merger Clause
A clause meant to prevent the
parties to a contract from later claiming that
the contract does not reflect their entire
understanding.
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Metric
1. Term given to the measurement of
performance.
2. An analytical application of measurements
that allows comparison between performance
standards.
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Microeconomics
The study of the economic
behavior of the individual units of an
economy, such as a person, household, firm,
or industry. (Schiller 2000)
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Milestone
An event or action that marks a clear
stage or change in the progress or
development of a project. See also:
Deliverable.
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Milestone Payment
A sophisticated form of
progress payment that shifts risk by tying
payments to the successful completion of
predetermined work that is deemed a
significant indicator of progress toward
contract completion.
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Mini-trial
An alternate dispute resolution (ADR)
technique that is flexible, voluntary, and
nonjudicial. Principals (top management) hear
a short presentation of the factual and legal
positions of the parties in dispute and engage
in nonbinding negotiations to resolve a claim.
The procedure permits either party to
withdraw at any time without prejudicing the
litigation process.
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Minimum Order Quantity
Minimum quantity that
may be ordered on any one purchase
order/contract.
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Minimum Stock Level
The planned lowest level
of stock, below which stock is normally
flagged for management attention and
expedition of orders.
