OPTION is the formal reservation of the right to buy or sell property / assets at a certain price and / or within a given time in the future, e.g. a contract allowing, but not requiring, the holder to buy (call) or sell (put) a specific security at a specified price during a specified time period or on a specified date. Options may trade on exchanges or overthe-counter.
AUDIT FAILURE is an instance where the auditor said that the financial statements were fairly stated when in fact, they were not.
FREIGHT is the charge for transporting something by common carrier.
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