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LSDefine
Simple English definitions for legal terms
floor
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A quick definition of floor:
Term: FLOOR
Definition: The floor is a place where people meet to talk about important things and make decisions. It can be a big room where lawmakers meet to discuss new laws or a place where people buy and sell things like stocks and commodities. The floor can also refer to the lowest amount of money someone can make in a certain job.
A more thorough explanation:
Definition: The floor can refer to different things depending on the context:
- In parliamentary law, it is the part of the hall where members of a deliberative body meet to debate issues and conduct business. This is usually the central meeting area of a legislature, as opposed to the galleries, corridors, or lobbies. For example, "The senator made a speech on the floor of the Senate."
- In finance, it is the trading area where stocks and commodities are bought and sold on an exchange. For example, "The broker placed his buy order with the trader on the floor of the NYSE."
- It can also refer to the lowest limit of something. For example, "The floor for that position is $25,000 per year."
These examples illustrate how the term "floor" can have different meanings depending on the context. In parliamentary law, it refers to the central meeting area where members of a legislature conduct business. In finance, it refers to the trading area of an exchange. And in general usage, it can refer to the lowest limit of something.