Mint (M)
Absolutely perfect in every way. Certainly never been played, possibly even still sealed.
Near Mint (NM or M-)
A nearly perfect record. A NM or M- record has more than likely never been played, and the vinyl will play perfectly, with no imperfections during playback. The record should show no obvious signs of wear.
Very Good Plus (VG+)
A Very Good Plus record will show some signs that it was played and otherwise handled by a previous owner who took good care of it. Defects should be more of a cosmetic nature, not affecting the actual playback as a whole. Record surfaces may show some signs of wear and may have slight scuffs or very light scratches that don't affect one's listening experiences. Slight warps that do not affect the sound are "OK". The label may have some ring wear or discoloration, but it should be barely noticeable. Spindle marks may be present.
Very Good (VG)
Many of the defects found in a VG+ record will be more pronounced in a VG disc. Surface noise will be evident upon playing, especially in soft passages and during a song's intro and fade, but will not overpower the music otherwise. Groove wear will start to be noticeable, as with light scratches (deep enough to feel with a fingernail) that will affect the sound. Labels may be marred by writing, or have tape or stickers (or their residue) attached.
Good (G), Good Plus (G+)
A record in Good or Good Plus condition can be played through without skipping. But it will have significant surface noise, scratches, and visible groove wear. While the record will be playable without skipping, noticeable surface noise and "ticks" will almost certainly accompany the playback.
Poor (P), Fair (F)
The record is cracked, badly warped, and won't play through without skipping or repeating.
Generic
The term "generic" refers to a type of sleeve that is not specific to the release. A generic sleeve is a plain sleeve.