Perfect in every way, appears to have never been played, possibly sealed.

A NM or M- record has more than likely never been played, and the vinyl will play with no sound imperfections. The record should show no obvious signs of wear. A sleeve should have no more than the most minor defects, such as any sign of slight handling. An LP cover should have no creases, folds, seam splits, cut-out holes, or other noticeable similar defects. The same should be true of any other inserts, such as posters, lyric sleeves, etc.  

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 are 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. Additionally, there may be slight warps that do not affect the sound. The label may have some ring wear or discoloration. Spindle marks may be present. Picture sleeves and inner sleeves will have some slight wear, slightly turned-up corners, or a slight split seam. An LP cover may have slight signs of wear, and may be marred by a cut-out hole, indentation, or cut corner. In general, if not for a couple of minor things wrong with it, this would be Near Mint.  

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. 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. The same will be true of picture sleeves or LP covers.

A record in Good or Good Plus condition can be played through without skipping. But it may have significant surface noise, scratches, and visible groove wear. A cover or sleeve may have seam splits, especially at the bottom or on the spine. Tape, writing, ring wear, or other defects may be present. While the record will be playable without skipping, noticeable surface noise and "ticks" may accompany the playback.  

The record is cracked, badly warped, and won't play through without skipping or repeating. The picture sleeve is water damaged, split on all three seams and heavily marred by wear and writing. The LP cover barely keeps the LP inside it. Inner sleeves are fully split, crinkled, and written upon them.