An agreement that is in anticipation of another subsequent contract that will supersede the terms of the earlier contract. In essence, the earlier contract is a commitment to a directly related to the formalization of a future agreement. With individual agreements, there may be a question as to whether such a preparatory contract is legally binding. The performance of a … [Read more...]
PURVEYOR
In old English law. An officer who procured or purchased articles needed for the king's use at an arbitrary price. In the statute 36 Edw. III. c. 2, this is called a "heignous nome," (heinous or hateful name,) and changed to that of "achar tor." Barring. Ob. St. 289. … [Read more...]
PYKERIE
In old Scotch law. Petty theft 2 Pitc Crim. Tr. 43. … [Read more...]
PURVIEW
That part of a statute commencing with the words "Be it enacted," and continuing as far as the repealing clause; and hence, the design, contemplation, purpose, or scope of the act. … [Read more...]
PYRAMID SCHEME
A fraudulent business model where current participants are remunerated from the contributions paid by new participants and who are lured through promises of significant returns and any true product or service of value actually being delivered. See also Ponzi Scheme. … [Read more...]