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Simple English definitions for legal terms
stock in trade
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A quick definition of stock in trade:
Stock in trade refers to the items a business has for sale or the tools and equipment needed to do a job. It's like the things a store has on its shelves or the tools a carpenter uses to build things.
A more thorough explanation:
Definition: Stock in trade refers to the goods or merchandise that a business has on hand and intends to sell to customers. It can also refer to the tools, equipment, and materials that a person needs to perform their job or trade.
Examples:
- A clothing store's stock in trade would include all the clothing items they have available for purchase.
- A carpenter's stock in trade would include their tools, such as saws, hammers, and drills.
- A restaurant's stock in trade would include all the food and beverages they have available for customers to order.
The examples illustrate how stock in trade can refer to the inventory or equipment that is essential to a business or trade. Without these items, the business or trade would not be able to function properly.