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

Category: P

POST OFFICE

An office built to dispatch and receive letters from any national or international location. On a general note, most post offices are regulated, finances and maintained by the federal government.

POTENTIAL OUTPUT

The projected GDP that can be produced if all the resources within an economy were put to full use.

PRE-APPROVAL

Any buyer who has a positive credit rating can be pre approved before they go home shopping. The lender generally checks the credit history before determining whether a loan should be granted

PREFERRED EQUITY

The total amount of profit, that is taken from the preferred stock of the company. The preferred equity does not take in to account any profit brought in through other investments.

PREMIUM LOAN

A loan that is given by the insured party to the insurer.

PACKING

Packing is a term that denotes the preparation of a product/ item for shipping or transportation purposes. Various methods might be used for packing, such as proper packaging, cushioning, water proofing, marking,

PAINT

Paint is a solution which consists of a binder, a mineral solvent (usually water) as well as colored pigment, which is applied to various surfaces. It sticks to the surface, and ca

PAPER MONEY

Any legal document that has monetary value, such as postal orders, checks, cash, as well as promissory notes and any other bills of exchange. Usually, paper money can be easily liquidated.

PARALLEL INTERFACE

Any interface that allows the transfer of data between two devices, without having any impact upon the performance of either. Commonly, computer printers make use of parallel interfaces. Several parallel wires are

PARITY

Maintaining equality between two entities.

PARTY IN INTEREST

Any entity/ party that has a favorable interest in another entity, for instance, employers, fiduciaries or unions.

PASSIVE MEASURES

Measures taken to limit the impact of anything that might have been taken. These are usually taken so as to reduce the effect of any event that happened.

PATERNALISM

A style of leadership in which any male leader makes use of his superlative powers to maintain control. Or, it could also mean acting similarly to a father, to protect children from

PAY PER CLICK (PPC)

A model used commonly by search engines, in which advertisers will only have to pay if they get clicks from other sources after users click on them.

PAYER BANK

Known as a payor bank, any bank which can draw or accept a bill of exchange is a payer bank.

PAYROLL

The total amount of money that a company needs to pay its employees. Also in the form of a paysheet, which calculates all deductions and net payments.

PER CAPITA INCOME

The total income of the country, divided by the total popluation of the country. It is not the average income but provides a clear indicator of the living standards of the country.

PERCENTILE

Any number that is used to determine the percentage position with a number of data samples. For instance, if the performance of an employee is at the 57th percentile, then his performance

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