MINT (M) 
These are absolutely perfect in every way. 

NEAR MINT (NM OR M-) 
NM looks like it just came from a retail store. Nearly perfect.

NM Discs are shiny, with no visible defects. Writing, stickers or other markings cannot appear on the label.

NM LD Covers are free of creases, ring wear and seam splits of any kind. May or may not be in factory sealed condition.

VERY GOOD PLUS (VG+, VG++)
VG+ Discs may show some slight signs of wear, including light scuffs or very light scratches that do not affect anything. Minor signs of handling are OK. There may be some very light label wear or discoloration, but it should be barely noticeable.

VG+ LD Covers would only have minor wear. A VG+ cover might have some very minor ring wear or seam wear, possibly a split (less than one inch long) at the spine, the most vulnerable location. May have stickers that are fully intact and not ugly or distracting. May or may not be in original shrink wrap. May have a cut-out mark or hole punch. 

Very Good (VG) 

Many of the imperfections found on a VG+ are more obvious on a VG LD. 

VG Discs have more obvious flaws. Minor wear, scuffs or marks on disc surface. Minor and intact tape, store sticker, wirting or marks that do not fully detract from the disc label.

VG LD Covers will have many signs of handling. Ring wear in the middle or along the edges of the cover. Shelf wear along the top or bottom edge may be obvious, though not overwhelming. Some more deep or obvious creases may be visible. Seam splitting will be more obvious; it may appear on top, bottom, and spine, though it won?t be obvious upon looking at just the front cover. Someone might have written a price or it may have more than one price sticker on either front or back cover. May have a partially removed price sticker that is mildly distracting.

Good (G),
Good Plus (G+)
or Very Good Minus (VG?) 

Good does not mean bad! Laserdisc is a very resilient format with most surface scratches not effecting the playability of the disc. Also, Looks aren't always what they seem! A G to VG- cover may have a higher graded disc inside.

A G, G+, or VG- Disc has significant disc surface wear. The disc label may be worn, with significant wear, heavy writing, or obvious damage caused by someone trying to remove tape or store stickers and tearing or leaving obvious damage to the disc label.

A Good to VG? LD Cover has wear to the point of distraction. Ring wear, creases, cuts, nicks or torn areas. May have seam splits obvious from just looking at the cover. May have even heavier writing or stickers/sticker damage, such as, video store sale prices written over price stickers, previous price stickers crossed out with marker, or any stickers removed by ripping/ tearing off and leaving obviously damaged area(s) on the cover.

POOR (P)
and Fair (F) 

Poor (P) and Fair (F) LDs would have heavily damaged covers. Disc would be cracked, impossibly warped, or have 4/5 or 5/5 LaserRot when an attempt is made to play them. (See LaserRot Scale below)

There wouldn't be many circumstances where this rating would be given to cover and disc. The only reason for this rating would be if the disc or cover individually was rare and worth saving for the better half (disc or cover) to replace in a lesser condtion copy. If an LD has a P or F cover, the disc inside would most likely be all you are purchasing it for. If an LD has a P or F disc, the cover would most likely be all you are purchasing it for.