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

PARENS PATRIAE

i) It is the right held by the court to take a reasonable decision on the part of a person who is unable to make one for himself. Usually, such people suffer

PARENT PART

A finished good that has been created, assembled or borne out of other parts and/ or components.

PARETO ANALYSIS

The usage of the Pareto principle in order to prioritize, or rank a number of different items which vary in terms of their significance. The objective of the Pareto analysis is to

PARETO CHART

Regarded as one of the seven different tools used for primary quality control purposes, the Pareto chart is basically a bar graph that depicts different variances by the number of times that

PARETO OPTIMUM

A condition in which economic efficiency reaches a state where no one can be made better off by making someone else worse off. It is also commonly known as the Pareto Optimality

PARETO PRINCIPLE

A theory which states that if a larger number of people, or agents are contributing to any result, the major part of the portion, around 80 percent is because of the minority,

PARETOPOLY

A situation in which there are a number of small scale sellers, while the large sellers are lesser in number.

PARETOPSONY

A situation in which there are a number of small scale buyers, while the large buyers are lesser in number.

PARIS CONVENTION

Created and signed back in 1883, the Paris Convention provided a couple of different rights, specifically i) Any citizen, or resident of a signatory country, will be able to gain access and

PARITY

Maintaining equality between two entities.

PARKINSON’S LAW

A law which states that work is spread over the time given for its completion. It states that a large sized bureaucracy will generate for itself a significant amount of work in

PAROL CONTRACT

A contract made solely on word of mouth. Or, a partially written contract; collateral contract or an express contract that is not based upon a deed.

PARSING

Fragmenting a block of data by pertaining to a set of rules, making it much easy to interpret, manage and transmit through a computer.

PARSONAGE ALLOWANCE

Allowance provided by a religious constitution to a clergy they have ordained. Primarily, the parsonage allowance covers the fair market rental value of the house, as well as any maintenance costs that

PART NUMBER

A unique code given to any part that can be used to identify that ‘part’ without referring to any manual or list. The manufacturing date of the item, model number, etc. might

PART PAYMENT RULE

A rule which states that if a payment is made in parts, it cannot be used to satisfy for the entire sum that is due.

PARTIAL EQUILIBRIUM ANALYSIS

An analysis which treats a certain sector of the economy as though it is operating in complete isolation from the other sectors within the economy.

PARTIAL PERFORMANCE

Completion of an act that forms a portion of a contract. A generally accepted rule suggests that partial performance can be accepted, though the contract is not considered completed until full performance

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