Exam: GMAT (Verbal)

Definition: Referring to economic theories or policies that do not emphasize the role of money supply in determining economic activity.

Example: The nonmonetarist approach focuses on factors other than money supply to explain economic fluctuations.

Definition: A person who does not support or follow the principles of monetarism, which is an economic theory that emphasizes the role of governments in controlling the amount of money in circulation.

Example: The nonmonetarist argued for a different approach to managing the economy.

Definition: This word describes something that is not connected to money or financial matters.

Example: The company offered nonmonetary benefits such as extra vacation days and flexible work hours.

Definition: A situation where someone does not fulfill their duties or obligations, especially in a legal or formal context.

Example: The company faced penalties due to its nonperformance of the contract terms.

Definition: Referring to a type of agreement where the lender cannot claim the borrower's assets beyond certain limits if the borrower fails to repay.

Example: In a nonrecourse loan, the bank can only take the collateral specified in the contract, not any other assets of the borrower.

Definition: A person, idea, or plan that is unlikely to succeed or be accepted.

Example: The proposal was considered a nonstarter due to its high costs.

Definition: A legal decision that dismisses a case because the plaintiff did not provide enough evidence or did not continue with the case.

Example: The court issued a nonsuit because the plaintiff failed to present any witnesses.

Definition: To dismiss a case in court, usually because the plaintiff has not provided enough evidence to support their claim.

Example: The judge decided to nonsuit the case due to lack of evidence.

Definition: A person authorized to perform certain legal formalities, such as witnessing signatures on documents and administering oaths.

Example: She took the contract to a notary to have it officially signed and witnessed.

Definition: To replace an existing obligation or contract with a new one, transferring the rights and responsibilities to a new party.

Example: The company decided to novate the contract to a different supplier to improve efficiency.

Definition: The process of replacing an old obligation with a new one in legal terms.

Example: The company completed a novation to transfer its contract to a new partner.

Definition: The act of canceling or making something void, especially in a legal context where a state refuses to enforce a federal law.

Example: The nullification of the law led to significant debates about states' rights.