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

Category: P

PATIENT CAPITAL

A significant amount of money which has been invested for a period of over 5 to 10 years.

PAYMENT AGAINST DOCUMENTS

A setup in which the buyer can receive delivery documents, only after the full payment of the bill of invoice has been made.

PEACHTREE

A commercial software program that is used for accounting purposes. Created and owned by the Sage Group’s software department.

PENALTY FARE

A fine for any cancellations or changes that are made once a ticket has been generated.

PERCEIVED RISK

The level of uncertainty of a consumer, depending upon whether the purchase he/ she is making will be worth it or not. The perceived risk is higher when a more expensive purchase

PERFECT DEFENSE

A defense in which the accused is acquitted fully with all his/ her rights restored.

PERIODIC EXPENSES

Expenses which take place on an irregular basis. Not recorded on a monthly basis. An example can be the payment of insurance premiums on a quarterly basis, maintenance costs of property, etc.

PERL

PERL is a programming language which is used to create applications and programs that focus heavily upon Computer Graphics Interaction. A number of different tasks can be handled by PERL. The language

PERSONAL EQUITY

Retaining a part of an employee’s equity. It is usually recognized on the financial statement of the company.

PERSONALLY IDENTIFIABLE INFORMATION (PII)

Specific information that can be used to identify a person. Includes important information such as the name of the person, their place of residence, social security numbers, etc.

PETROLEUM

A term used commonly for natural gas and crude oil. It is used primarily as fuel for automobiles, jets and a variety of other types of engines. Usually derived from oil fields.

PHYSICAL AND MOTOR ABILITY TESTS

A recruitment method used to test the physical skills of an individual. For instance, the movement speed of the arm, reaction times as well as the right use of fingers is tested.

PIECE PART

A single component that can be used after being assembled, or being disassembled too. Examples include transistor, relay, etc.

PINK SLIP PARTY

A party of different persons who are expecting to have their jobs terminated. The main purpose of a pink slip party is to provide people with a network to gain other jobs.

PLAIN LANGUAGE LAW

Any law that can be depicted through the use of simple language, making it much easier to understand.

PLATE

A finalized metal product, rolled flatly, having a breadth to a maximum of 48 inches, and exhibiting thickness less than 12 inches.

PNEUMATIC

Any hardware or mechanism, which is deisnged to be manipulated, powered and used through gas and air pressure.

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