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

Category: P

PRETERMITTED HEIR

the name applied to a person who was born after a dead person executed his will but before he died.

PROPERTY PRIVATE

the term that describes property belonging to a person or person’s and not to a community.

PURGING CONTEMPT

the act to atone for a contempt of court done by apologising and paying a fine.

PERFECT EQUITY

a term given to the equity or the interest of a buyer in real estate who has fulfilled obligations to the owner.

PERSONAL INDIGNITY

term used for the suffering of repeated humiliation and ridicule that is often grounds for divorce.

PREPAYMENT PRIVILEGE

The prepayment privelege or right is the authority given to the borrower to settle the principal balance before the payoff date, without incurring a penalty.

PRESTIGE PRODUCTS

Products that are deemed to be of an extremely high quality, due to added benefits that the buyer will supposedly obtain from it, and thus such products are highly priced.

PRIMARY BUSINESS PURPOSE

Stating business as the primary purpose for undertaking a travel, as opposed to pleasure. For taxation purposes, a business travel is eligible for complete deductions in transportation and half price for meals.

PRINTER

A device that is usually external that prints materials that are desired by the user. The use of small pixels by the printer, allows the transder of the image from the screen

PRISONER’S DILEMMA

The triumph of cooperation and trust and loss of a blind pursuit of selfinterest. An illustration is provided by the problem that two inmates in separate cells face. The police offers them

PROBLEM-SOLUTION APPROACH

The sales approach taken by a salesman wherein he/she identifies the problems faced by a consumer and comes up alternative to tackle the problem through the product that is being promoted or

PRODUCT CHAIN

The processes that are involved in the creation of the final product.

PROFICIENCY

It is the measure of one’s expertise in a certain subject, language or concept.

PROJECT DEFINITION

Phenomenon in which the different aspects of the project are thought over and the duration, cost and major events are discussed and main concerns are recognized and addressed.

PROMOTE

An act by which an employer gives an employee a new position with an increase in salary, higher level of responsibilities and a new job description. The new position is always superior

PROPERTY DIVIDEND

This is a payment that is made to the owner or a stake holder of an investment. Share holders receive a dividend each year depending on the number of shares they hold.

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