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P R E S T-MONEY

A payment which binds those who receive It to be ready at all times appointed, being meant especially of soldiers. Cowell.

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P WARRANTY

In real property law.A real covenant by the grantor of lands, for himself and his heirs, to warrant anddefend the title and possession of the estate granted, to the grantee and his heirs,whereby, eitherQupon voucher, or judgment in the writ of icarrantia chartw, and the eviction of thegrantee by paramount title, the grantor was bound to recompense him with other landsof equal value. Co. Litt. 305o. _ In sales of personal property. A war- R ranty is astatement or representation made by the seller of goods, contemporaneously with andas a part of the contract of sale, though collateral to the express object of it, havingreference to the character, quality, orS title of the goods, and by which he promises or undertakes to insure that certain factsare or shall be as he then represents them.A warranty is an engagement by which a seller assures to a buyer the existence ofsome fact affecting the transaction, whether | past, present, or future. Civ. Code Cal. i17G3.In contracts. An undertaking or stipulation, in writing, or verbally, that a certain fact inrelation to the subject of a contract Ij is or shall be as it is stated or promised to be.A warranty differs from a representation in tlint a warranty must always be givencontemporaneously with, and as part of, the contract; whereas a representationprecedes and inducesVto the contract. And. while that is their difference in nature, their difference in consequenceor effect is this: that, upon breach of warranty, (or false warranty.) thecontract remains binding, and damages only are recoverable for the breach:whereas, upon a false representation, the defrauded party may electWto avoid the contract, and recover the entire price paid. Brown.The same transaction cannot be characterized as a warranty and a fraud at thesame time. A warranty rests upon contract, while fraud, or fraudulent representationshave no element of contract in them, but are essentially a tort. When judges or lawwritersspeak of a fraudulent warranty, the language is neither accurate norperspicuous. If there is a breach of warranty, it cannot be said that the warranty wasfraudulent, with any more propriety than any other contract can be said to have beenfraudulent, because there has been a breach of it. On the other hand, to speak of afalse representation as a contract or warranty, or as tending to prove a contract orwarranty, is a perversion of language and of correct ideas. Rose v. Hurley, 39 Ind. 81.In insurance. In the law of insurance,”warranty” means any assertion or undertaking on the part of the assured, whetherexpressed in the contract or capable of being annexed to it, on the strict and literaltruth or performance of which the liability of the underwriter is made to depend. Maude& P. Shipp. 377; Sweet.

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P.S. 58 CHARGES

The P.S. 58 charges are generally calculated by the IRS, through a table that is supposed to show the cost of pure death protection. There are several plans under which the economic benefits available to an individual equate to the P.S. 58 charges, after reducing their input.C16

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P3DIS POSITIO

Lat In the civil and old English law. A putting or placing of the foot. A term used to denote the possession of lands by actual corporal entry upon them Waggoner v. Hastings, 5 l’a. 303.

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PAAGE

In old English law. A toll for passage through another’s land. The same as “pedage.”

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PAC ABE

L. Lat To pay.

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PAC MAN DEFENSE

When a counterbid is placed to prevent hostile takeover.

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PACATIO

Payment Mat Par. A. D. ms.

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PACE

A measure of length containing two feet and a half, being the ordinary length of a step.

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PACEATUR

Lat Let him be freed or discharged. Paci sunt maxlme contraria vis et injuria. Co. Litt. 161. Violence and injury are the things chiefly hostile to peace.

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PACIFIC RIM

All of the countries that reside on the corner of the Pacific Ocean are known as countries along the ‘Pacific Rim’. It is an area that includes several countries such as North and South Korea, Japan, Taiwan, China, Mexico, New Zealand, Australia, USA, Thailand, etc.

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PACIFICATION

The act of making peace between two hostile or belligerent states; re-establishment of public tranquility.

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PACK

To put together in sorts with a fraudulent design. To pack a jury is to use unlawful, improper, or deceitful means to have the Jury made up of persons favorably disposed to the party so contriving, or who have been or can be improperly influenced to give the verdict he seeks. The term imports the improper and corrupt selection of a jury P sworn and impaneled for the trial of a cause. Mix v. Woodward, 12 Couu. 2S9.

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PACK OF WOOL

A horse load, which consists of seventeen stone and two pounds, or two huudred and forty pounds weight. Fleta, 1. 2, c. 12; Cowell.

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PACKAGE

A package means a bundle put up for transportation or commercial handling; a thing in form to become, as such, au article of merchandise or delivery from hand to hand. A parcel is a small package; “parcel” being the diminutive of “package.” Each of the words denotes a thing in form suitable for transportation or handling, or sale from hand to hand. U. S. v. Goldback, 1 Hughes, 529, Fed. Cas. No. 15,222; Haley v. State, 42 Neb. 556, 60 N. W. 962, 47 Am. St. Rep. 71S; State v. Parsons, 124 Mo. 436, 27 S. W. 1102, 4G Am. St. Rep. 457. “Package,” in old English law, signifies one of various duties charged in the port of London on the goods imported and exported by aliens, or by denizens the sons of aliens. Tomlins.

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PACKAGE

A package can be virtually anything that is used for containing something else. It can be used to protect the contents from outwardly harm.

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PACKAGE CLAUSE

A package clause allows the borrower to combine various different loans with the actual mortgage on the home, and then fix an installment per month in lieu of all the loans.

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PACKAGE DEAL

A package deal is a deal that provides a range of benefits, services, or concessions, all of which need to be accepted or rejected in one go.

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PACKAGE MORTGAGE

Usage of real estate or personal possessions in order to get creative financing by putting up the possessions as collateral is known as a package mortgage.

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PACKAGE POLICY

an insurance policy that includes more than two different kinds of coverage; for example, personal and commercial.

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