Vertical Equity Definition.

The principle of vertical equity states that people with a higher ability to pay taxes should pay more taxes than those with a lower ability to pay. The ability-to-pay principle is the most commonly used basis for determining who pays how much in taxes. There are two main theories of vertical equity: the benefit principle … Read more

Firm Quote Definition.

A firm quote is defined as a price that a broker commits to when executing a trade. This means that the broker will not change the quoted price, regardless of market conditions. A firm quote is the opposite of a floating quote, where the price is constantly changing based on market conditions. What is the … Read more

What Is a Petition in a Court of Law?

A petition in a court of law is a formal request made to a judge or other judicial officer on behalf of a person or group of people. The person or group making the request is known as the petitioner, and the person or group against whom the request is made is known as the … Read more