Perfection appropriate filing or registering or other formal

action of a security interest in order to protect one's

security interest in another's property against all other

Cred itors

Performance completion of obligations required by

Contract

Personal liability state of being legally obliged out of

one's own personal assets

Personal property (also chattels in common law) things

That are moveable (as opposed to real property) and

Capable of being owned

Petitioner (US) person who brings a petition to a court,

Especially on appeal

Picketing demonstration outside a place of work in

Which people congregate to dissuade others from

Entering the building, usually done in attempt to

Persuade another party to meet certain demands. It is

Often done during a strike.

Pleading formal written statement setting forth the

Cause of action or the defence in a case

Pledge property which is security for a debt or obligation

Pledgee person who receives a pledge, or the creditor in

A secured transaction

Pledgor person who gives a pledge, or the debtor in a

Secured transaction

Possessory type of security interest whereby the creditor

Has the right to control the property

Predatory pricing pricing a product so low - for example,

Below its production cost - as to eliminate competition

Pre-emption rights (UK) rights of shareholders to

Maintain their proportionate ownership in a company

By purchasing newly issued stock before it is offered

To the public (US preemptive rights)

Preference shares (UK) shares that are given preference

In dividend entitlements over ordinary shares, but

Usually do not carry any voting rights (US preferred

Shares)

Price-fixing conduct of setting a price for a product

Which is contrary to workings of supply and demand,

And therefore contrary to the free market

Priority right to enforce a claim before others

Priority creditor creditor who is given priority over other

creditors, or has first claim over the debtor's assets

Privity of contract relationship between parties to a

Contract

Pro forma (Latin) as a matter of form

Pro rata (Latin) proportionally

Profit-and-Ioss account (UK) statement summarising a

company's revenues and expenses over a period of

Time (US profit-and-Ioss statement or income

Statement)

Promisee person to whom a promise, or an assurance

That something will or will not be done, is made

Promisor person who makes a promise or an assurance

That they will or will not do something

Promissory note formal unconditional written note made

And signed by a person obligating him or her to pay a

Specified sum of money to another specified person or

To the bearer of the document

Punitive damages (also exemplary damages)

Compensation designed to punish the breaching party

For conduct found to be reprehensible, e.g. fraud

Pupillage (UK) one year of apprenticeship to become a

Barrister, which follows the completion of the Bar

Vocational Course

Pur autre vie estate granted only for the life of someone

Other than the grantee

Quasi-security similar to security, except the creditor has

Date: 2015-12-11; view: 871