order

Definition 1

General: Confirmed request by one party to another to buy, sell, deliver, or receive goods or services under specified terms and conditions. When accepted by the receiving party, an order becomes a legally binding contract. See also purchase order.

Definition 2

Banking: Three-party instrument (such as a check or draft) through which its maker or issuer (drawer) authorizes a bank or other financial institution to pay the stated sum to its named holder (either a drawee or a payee). Such instruments are transferable by endorsement, and thus are negotiable instruments.

Definition 3

Law: Authoritative mandate, command, or direction issued by a court under its seal. A final court order is called judgment.

Definition 4

Securities and commodities trading: Investor's instructions to a broker or dealer to buy or sell the item in a specified manner. Such orders are of four major types: (1) Limit order, (2) Market order, (3) Open order, and (4) Stop order.