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

Category: P

PAYABLE THROUGH DRAFT (PTD)

Used in place of a standard check, this is an instrument of payment that is given to the payee, allowing him to gain more control over the disbursement process of his financies.

PAYMENT BOND

A deposit, usually 20% of the actual amount, which must be given by the winning bidder, taken as a surety that he will pay all sums on time and in full that

PEAK

The highest earnings, demands or point that can be reached during a given period of time.

PENCIL HARDNESS

An accepted measure of calculating the hardness of any pencil lead. The method is not an official standard. Ranges from 6B to HB in the middle.

PERCEIVED VALUE

The opinion of a consumer depicting the overall value of the product for themselves. It might not be connected in anyway to the actual value of the product.

PERFECT HEDGE

Complete elimination of the risk involved in any associated investment.

PERIODIC FIFO

By placing FIFO as the primary method, the period FIFA is situated upon the usage of the actual costs, which are associated with the inventory first, and then allocating the current costs

PERMANENT AND TOTAL DISABILITY

A form of disability from which there is no disability. A permanent disability occurs when the insured has been disabled for over six months.

PERMANENT VIRTUAL CIRCUIT (PVC)

A logical, dedicated route which is situated within the physical network of a circuit on a permanent basis. Once it has been created, the PVC need not be disconnected at all.

PERSONAL EXEMPTIONS

Amounts that are preset and can be deducted by a taxpayer for use on his own. Personal exemptions can also be made for each individual who is dependent upon the taxpayer.

PERSONIFICATION

To personify; to take over certain traits, and exhibit them. To give an imaginary concept to any immovable object.

PETROLEUM GASES

Gases produced with the help of petroleum, examples including normalbutane, isobutane, propylene, ethane, etc.

PHILANTHROPIST

A person who likes giving away money to charities, and making donations which are responsible for the good in this world. Some of the most popular philanthropists include names such as Henry

PHYSICAL CHARACTERISTICS

The physical features of a person or something. Personal characteristics might include weight, volume, shape, color, etc.

PIECE RATE

Payment made only when results are shown. For instance, an employee will only be paid depending upon the total number of units that they have produced.

PLAIN MEANING

The obvious meaning, intent, or implication of any clause/ statement or any legal paper, which can be understood by just reading it.

PODCAST

Any digital recording, such as news, music or media that can be run on your computer or on a media player such as the iPod. Podcasts are usually downloaded through the internet.

POINT SIZE

The distance between the highest and the lowest point of a certain type of print. Commonly used in commercial printing in the UK and the USA.

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