Legal Definitions - quotation

A "quotation" generally refers to a specific piece of information presented as an exact reproduction, a stated price, or a formal estimate for services.

• Exact Reproduction of Text or Speech

  This meaning of quotation refers to a direct and precise reproduction of words, text, or data from an original source, typically with proper attribution to acknowledge where it came from. This ensures accuracy and gives credit to the original author or speaker.

  • Example 1: A lawyer writing a legal brief might include a quotation from a previous court ruling, stating: "The right to a fair trial is paramount to justice." The lawyer then cites the specific case and page number where this exact phrase appears.
  • Explanation 1: This illustrates a quotation because the lawyer is reproducing the precise words from a legal precedent, attributing them to the original source to support their argument.
  • Example 2: During a news report, a journalist might use a direct quotation from an eyewitness, saying: "According to Ms. Chen, 'The entire building shook violently, and then the lights went out.'"
  • Explanation 2: Here, the journalist uses a quotation to present the exact words spoken by the eyewitness, ensuring accuracy and conveying the direct perspective of the source.
• Market Price of a Security or Commodity

  In financial markets, a quotation refers to the most current price at which a security (such as a stock or bond) or a commodity (such as oil or gold) is offered for sale or can be bought. It reflects the real-time market value.

  • Example 1: An investor checking their online trading platform sees a live quotation for "GOOGL" (Alphabet Inc.) at $150.75. This indicates the current price at which a share of Alphabet stock is trading on the market.
  • Explanation 1: This is a quotation because it represents the precise, real-time market price for a specific stock at that moment, reflecting its current value for potential buyers and sellers.
  • Example 2: A financial news channel displays the current quotation for gold futures, showing it trading at $2,350 per ounce.
  • Explanation 2: This demonstrates a quotation as it provides the exact, up-to-the-minute price for a commodity in the global market, crucial for trading decisions.
• Contractor's Estimate for a Job

  This refers to a formal estimate or proposal provided by a contractor or service provider, detailing the cost, scope of work, and terms for a specific job or project. It's an offer to perform work for a stated price.

  • Example 1: A homeowner requests a quotation from a roofing company to replace their damaged roof. The company provides a document outlining the cost for materials, labor, and a timeline for completion, totaling $12,000.
  • Explanation 1: This is a quotation because it's a formal, detailed estimate from a service provider specifying the price and scope of work for a particular job, allowing the homeowner to decide whether to accept the offer.
  • Example 2: A business owner asks a software development firm for a quotation to build a custom mobile application. The firm responds with a proposal detailing the features, development phases, and a fixed price of $50,000.
  • Explanation 2: This illustrates a quotation as it's a formal offer from the software firm, clearly stating the proposed cost and the services to be delivered for the custom application project.