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

PASSWORD AUTHENTICATION PROTOCOL (PAP)

A tool which is designed to verify whether the password entered in to a computer is valid or not. It does, however, have integrity flaws, and hence, the passwords can be stolen

PASCAL

Named after Blaise Pascal, Pascal is the metric unit used to measure the pressure of anything. It is defined as the newton force per meter (squared).

PARADOX

Any statement which is contradictory within itself, or has absurd assertions. It might be proven correct, but is usually confusing and incorrect.

PARADIGM

An intellectual ideology, or view, which is accepted by a group of people, or a certain individual. It acts as a pristine example of how things, models and theories are supposed to

PARADOR

Any inn, hotel or lodge whose ownership lies with a government agency. It is commonly converted to a monastery, castle or a palace.

PART-TIME

Failing to meet the standards of full- time. Usually, this means to work for a fraction of the period of time that was actually allotted. For instance, if the job requirements are

POTENTIAL TERMINATION LIABILITY

The total amount of money which needs to be paid to any contracting party that fails to perform to the injured, or aggrieved party.

POUR OVER WILL

A special situation under which trust is created between two or more partices, and it also includes the transfer of the assets of a will maker in to an already created trust.

OPEN DISTRIBUTION

When the same products can be distributed and sold in a particular region by multiple vendors. This is the opposite of exclusive distribution.

OPEN BUDGET

This is when a firm has pending transactions that will occur near the end of the accounting period, and the budget will not change until these are accounted for.

OPEN BOOK MANAGEMENT (OBM)

The philosophy that a firm will succeed if all of the employees share finance and operations information. Four basic practises are necessary for this: 1. Employees must be appropriately trained. 2. Employees

OPEN ECONOMY

A market economy with few barriers to trade, where imports and exports make up a large portion of the GDP. This is a theoretical state, as all governments have some control over

OPEN ENDED LEASE

A lease agreement that may require the lessee to pay the difference between the leased item?s original value and its value upon return.

OPEN BUYING ON THE INTERNET

An online business practice that allows a seller and purchaser to execute a transaction through the use of electronic communication.

OPEN DOOR POLICY

A style of management that enables employees to speak with senior managers directly, rather than through intermediaries.

OPEN BID

1. Bids that are not sealed. 2. A bid in response to an open bid request during a bidding contest.

OPEN ENDED QUESTION

A question that does not suggest any particular answers to the respondent. Open questions usually ask how, what, when, where or why, and require the respondent to answer in their own words.

OPEN ENROLLMENT PERIOD

A period of time in which individuals can openly choose an alternate insurance plan, without being re-assessed for insurability

OPEN ACCOUNT

1. Accounting: An account with an unpaid balance or one with a positive credit balance. 2. Commerce: The credit relationship that enables the buyer to pay on a deferred payment basis.

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