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

Category: P

PUBLIC ACCOUNTS COMMITTEE (PAC)

A committe of considerable power who examines the auditors reports to make sure that any government funding to the various departments of government is used in the correct manner and according to

PUBLIC INTEREST

The welfare of the public as compared to the welfare of a private individual or company. All of society has a stake in this interest and the government recognises the promotion of

PUBLIC PROSECUTOR

A District Attorney in the US and a Director of Public Prosecutions (DPP) in the United Kingdom. It is an attorney appointed by the government to pursue all criminal acts. The DPP

PUBLICIZE

A news worthy item or story is made available through mass media to the public. Often stories that are meant to be a secret is often made available to the public. This

PURE ANNUITY

This is an annuity that makes periodic payments to the annuant and will only stop with the annuants death. The premiums are deemed to be fully earnt and paid. These are deemed

PURPOSEFUL TRUST

This is a type of trust that is for a purpose and objective that is specified in the trust papers. This under certain laws in certain places. This is under the jurisdiction

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

PRIVATE LIMITED COMPANY

A company whose shareholders are offered limited liability. However, ownership restrictions are strictly in place to avoid the hostile takeover attempt by any association or bylaws. The restrictions include (1) The sale

PROBABILISTIC MODEL

A tool for statistical analysis that is used estimate the chance that an event might re-occur, based on the analysis of past data.

PROBLEM SOLVING

The derivation of a solution by working through the details that are entailed in the problem. The employment of systematic or mathematical operations to derive the solution are used in problem and

PRODUCT BENEFITS ADVERTISING

A promotional campaign that aims to showcase the satisfaction guaranteed by a product according to the needs of the target customer.

PROFESSIONAL PARTNERSHIP

Amalgation of two different professional (normally from different professional backgrounds) to offer services to public.

PROJECT CYCLE

Seven major milestones through which each successful project undergoes, 1. Identification of pragmatic project notion. 2. transformation of the notion into appraisal 3. evaluation of different aspects of the project 4. Presentation:

PROMISSORY ESTOPPEL

The legal enforcement of a promise. Made by words or conduct to the promisee without the consideration of the detriment it may cause.

PROPERTY DAMAGE LIABILITY INSURANCE

Insurance cover that is used to protect the property of another person from damage and injury. It is usually combined with a body injury liability policy.

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