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PARTNERSHIP |
A partnership as between partners themselves
maybe defined to become a contract of two or more persons to
unite their property, labor or skill, or some of them in
persecution or some joint or lawful business, and to share the
profits in certain proportions. |
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PAR VALUE |
Market value, nominal value. |
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PATENT |
A conveyance of title to government land. |
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PERCENTAGE LEASE |
A lease of property in which the rental is
based upon the volume of sales made upon the leased premises.
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PERSONAL PROPERTY |
Any property which is not real property. |
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PLEDGE |
The depositing of personal property by a
debtor with a creditor as security for a debt arrangement.
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PLEDGEE |
One who is given a pledge or a security. |
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PLEDGOR |
One who offers a pledge or gives security.
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POLICE POWER |
The right of the state to enact laws and
enforce them for the order, safety, health, morals and general
welfare of the public. |
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POWER OF ATTORNEY |
An instrument authorizing a person to act as
the agent of the person granting it, and a general power
authorizing the act generally in behalf of the principal. As
special power limits the agent to a particular or specific act
as: a land-owner may grant an agent special power of attorney
to convey a single and specific parcel of property. Under the
provisions of a general power of attorney, the agent having
the power may convey any or all property of the principal
granting the general power of attorney. |
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PRESCRIPTION |
The securing of title to property by adverse
possession: by occupying it for the period determined by the
law barring action for recovery. |
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PRIMA FACIE |
Presumptive on its face. |
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PRINCIPAL |
The employer of an agent. |
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PRIVITY |
A mutual relationship to the same rights of
property; a contractual relationship. |
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PROCURING CAUSE |
The act of a broker leading to the meeting of
minds between the parties to a transaction or the consummation
of transaction. |
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PROGRESSION, PRINCIPLE OF
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The association of a property with inferior
properties will tend to lower the value of the former. |
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PRORATION OF TAXES |
To divide or prorate the taxed equally or
proportionately to the time of use. |
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PURCHASE MONEY MORTGAGE OR TRUST DEED
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A trust or mortgage given as part or call of
the purchase consideration for property. |