Dictionary

Percentage Lease

Definition:   a lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises Pronunciation:   \pər-ˈsen-tij\ \ˈlēs\ Used in a Sentence:    When we...

Penalty Clause

Definition:   a provision in a mortgage that requires the borrower to pay a penalty in money if the mortgage payments are made in advance of the normal due date or...

Partnership

Definition:    an association of two or more persons who carry on a business for profit as co-owners and share the profits and losses Pronunciation:  \ˈpärt-nər-ship\ Used in a Sentence: ...

Partially Exempt

Definition:    property subject to taxation, but the owner is partially relieved of the burden Pronunciation:   \ˈpär-sh(ə-)lē\ \ig-ˈzem(p)t\ Used in a Sentence:    By having our property homesteaded we were partially...

Partial Release Clause

Definition:   a mortgage provision under which the mortgagee agees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money Pronunciation:    \ˈpär-shəl\...

Parol Contract

Definition:   an agreement that is not in writing, an oral agreement Pronunciation:   \ˈper-əl, ˈpa-rəl\  \ə-ˈgrē-mənt\ Used in a Sentence:    Some parol contracts are recognized by law as enforceable.