 Hello, in this lecture, we will define Vendee. According to fundamental accounting principles, Wilde, 22nd edition, the definition of Vendee is buyer of goods or services. So we're talking about the purchasing side, the people or business that is buying in the case of a transaction. Important to know this because for book problems, this is often something that can be confusing. We have to put ourselves into the problem and decide where we stand in it. Are we the purchaser, person buying or the seller? Terminology can be a bit confusing. It'd be easy or in my opinion if the book said that we had the purchaser rather than the Vendee, but this terminology can often be used and therefore we need to know what that means. The Vendee is going to be the purchaser. A more common term that's often used in textbooks and transactions is the vendor. The vendor is going to be the seller. So we often hear that we're going to purchase something from the vendor. That's going to be the person or business that is then selling. If this is the vendor that is selling the goods and services, then the person purchasing can be described as the Vendee. A term I don't see quite as often, but a term that can be used. We need to know these two terms so that we see them if we see them in the business world as well as if we see them in a book problem. We know which side of the transaction we're talking about. Are we talking about the purchaser, in this case of the ink, or are we talking about the seller of the ink? In other words, are we talking about the Vendee of the ink, the goods and services, or the seller of the ink, the goods and services, the vendor?