Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance

PROBATING A WILL

The submission of a will to a probate court that will rate it and approve the distribution of the assets to the concerned entities.

PRODUCER

An individual or entity that produces animal, agricultural or botanic products mainly through the natural processes, but with a little bit of stimulation provided by nutrients, labor, etc.

PRODUCTIVITY AND COSTS

A macroeconomic tool used to measure the rate of inflation over a certain period of time, normally in decades. Productivity refers to the capacity to produce and cost refers to the economic

PROGRESSIVE PAYMENTS

Distribution of payment period at certain different stages, to be made to a contractor, according to the work being done.

PROOF OF SERVICE

Legal documents. Proof that a legal document has been delivered and accepted by the party it is intended for. Documents such as a writ or a subpoena to appear in court on

PROPRIETARY ESTOPPEL

A legal precedent that will prevent a party from denying the right that another party has in the first party’s property. The second party will have had costs in relation to the

PROSPERITY

A time in which a state or country has a low level of unemployment and a high level of sales and total incomes. If inflation is kept low, sales figures will increase

PROVED UNDEVELOPED RESERVES

The quantity of a resource such as oil, coal and gas that is expected from new mining operations or after an injection of new funds is made available for the existing mines.

PSYCHOMETRICS

This uses the results of psychological tests to determine a persons abilities, attitudes, aptiudes, behaviour

PUBLIC FUNDS

The money that is used by the government to provide goods and services to the public in general. This money has been generated by the government.

PUBLIC POLICY

The policies that have been declared by the state that covers the state’s citizens. These laws and policies allow the government to stop any action that is against the publics’ interest. There

PUBLIC WAREHOUSE

A storage facility that is made available to anyone who would like to store any sort of goods. Any person or company can use the storage.

PURCHASE AGREEMENT

The agreement by which a buyer agrees to sell an item to a purchaser. The buyer needs to agree to a set of conditions in order to buy the product.

PURE TRUST

A trust situation that involves three parties. The parties are the creator of the trust, the trustee, and the beneficiary. This is a contractual trust and is different to a statutory trust

PYRAMIDING

Used in finance to pay off one loan by taking out another loan. This continues until the whole scheme collapses and the borrower declares bankruptcy in order to relieve himself of the

QUALIFIED WIDOW OR WIDOWER

This applies to a widower or a widow who is able to use the married tax option after a spouse has passed away. The qualified widower or widow is able to use

QUALITY ASSURANCE (QA)

This involves the quality of a product during manufacture and before it is sold. It is an assurance to the consumer that all standards have been met before they purchase the product.

QUALITY MEASURE

This is the measure, quantitatively, of the quality of a product. It measures the attributes and characteristics of the product that is being measured.

QUANTISE

The different amount in dollars of an item on a different exchange. The dexription is changed along with the exchange.

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