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Question for the week of: Monday 09/22 - Sunday 09/28
Do you think the Michael Dunn murder trial should have been moved from Duval County due to pre-trial publicity?
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Monday 09/15 - Sunday 09/21
Will you buy one of the new iPhone 6 models that were unveiled last week?
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Viewing 1 to 15 (of 106 total) records

Par value shares
Shares issued by a company which have a minimum price. Shares which are without par value or "non par value shares" are shares which may be sold at whatever price the company's board of directors decides.

Paralegal
A person who is not a lawyer or is not acting in that capacity but who provides a limited number of legal services. Each country differs in the authority it gives paralegals in exercising what traditionally would be lawyers' work.

Pardon
A pardon is a government decision to allow a person who has been convicted of a crime, to be free and absolved of that conviction, as if never convicted. It is typically used to remove a criminal record against a good citizen for a small crime that may have been committed during adolescence or young adulthood. Although procedures vary from one state to another, the request for a pardon usually involves a lengthy period of time of impeccable behavior and a reference check. Generally speaking, the more serious the crime, the longer the time requirement for excellent behavior. In the USA, the power to pardon for federal offenses belongs to the President.

Parens patriae
Latin: A British common law creation whereby the courts have the right to make unfettered decisions concerning people who are not able to take care of themselves. For example, court can make custody decisions regarding a child or an insane person, even without statute law to allow them to do so, based on their residual, common law-based parens patriae jurisdiction.

Pari delicto
Latin for "of equal fault." For example, if two parties complain to a judge of the non-performance of a contract by the other, the judge could refuse to provide a remedy to either of them because of "pari delicto": a finding that they were equally at fault in causing the contract's breach.

Pari passu
Latin: Equitably and without preference. This term is often used in bankruptcy proceedings where creditors are said to be "pari passu" which means that they are all equal and that distribution of the assets will occur without preference between them.

Parol evidence
Oral or verbal evidence; evidence given by word of mouth in court.

Parole
An early release from incarceration in which the prisoner promises to heed certain conditions (usually set by a parole board) and under the supervision of a parole officer. Any violation of those conditions would result in the return of the person to prison.

Parricide
Killing one's father or another a family member or close relative.

Partnership
A business organization in which two or more persons carry on a business together. Partners are each fully liable for all the debts of the enterprise but they also share the profits exclusively. Many states have laws which regulate partnerships and may, for example, require some form of registration and allow partnership agreements. One of the basic advantages of partnerships is that they tend to allow business losses to be deducted from personal income for tax purposes (see also limited partner).

Party
A person, business, or government agency actively involved in the prosecution of defense of a legal proceeding.

Patent
An exclusive privilege granted to an inventor to make, use or sale an invention for a set number of years (eg. in Canada, 17 years). Normally, no one company can retain a monopoly over a product or service because this is considered to economically harmful to society. But as a financial incentive to potential inventors, the state grants a temporary monopoly to that inventor through the issuance of a patent.

Paternity
Being a father. "Paternity suits" are launched when a man denies paternity of a child born out of wedlock. New technology of DNA testing can establish paternity thus obliging the father to provide child support.

Payee
The person to whom payment is addressed or given. In family law, the term usually refers to the person who receives or to whom support or maintenance is owed. In commercial law, the term refers to the person to whom a bill of exchange is made payable. On a regular check, the space preceded with the words "pay to the order of" identifies the payee.

Payor
The person who is making the payment(s). Again, in the context of family law, the word would typically refer to the person to a support or maintenance debtor. In commercial law, the word refers to the person who makes the payment on a check or bill of exchange.

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