This rating is for Cover/Record.
M = mint
NM/EX/VG++ = awesome condition No scratches or scuff marks. cover is flawless
VG+ = great condition, a few marks, but should not affect listening enjoyment
VG = very good some scratches and surface noise, but should play well
VG- = now we're getting into murky water with amount of scratches and surface noise
G = good (means BAD!) basically, to fill a gap in your collection, but will be pretty beat up and sound scratchy, several tracks will skip .
P = poor. Record is meant for display only (framed on a wall perhaps)
If you are in doubt, please check the scans, they will tell you the condition of the cover