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post audit. See AUDIT. [Blacks Law 8th]

post-answer default judgment. See DEFAULT JUDGMENT. [Blacks Law 8th]

Postal Rate Commission. An independent federal agency that recommends changes in postage rates, fees, and mail classifications to the governors of the United States Postal Service. • It was created by the Postal Reorganization Act. 39 USCA §§ 3601–3604. — Abbr. PRC. [Blacks Law 8th]

postal currency. See CURRENCY. [Blacks Law 8th]

post. [Latin] After. Cf. ANTE. post,vb.1. To publicize or announce by affixing a notice in a public place < foreclosure notice was posted at the county courthouse>.2. To transfer (accounting entries) from an original record to a ledger <post debits and credits>.3. To place in the mail <post a letter>. [Cases: Postal Service 19. C.J.S.…

POSSLQ (pahs-<<schwa>>l-kyoo).abbr. A person of opposite sex sharing living quarters. • Although this term (which is used by the Census Bureau) is intended to include only a person’s roommate of the opposite sex to whom the person is not married, the phrase literally includes those who are married. This overbreadth has occasionally been criticized. See…

possidere (pos-<<schwa>>-dee-ree). [Latin fr. potis “having power” + sedere “to sit”] Hist. To possess (a thing), esp. as a person with an interest protected by law (e.g., an owner or mortgagee) rather than a mere custodian. “A distinction was made in the civil law, and adopted by Bracton, between possidere, (to possess,) and esse in…

possibility on a possibility. See remote possibility under POSSIBILITY. [Blacks Law 8th]

possibility of reverter. A reversionary interest that is subject to a condition precedent; specif., a future interest retained by a grantor after conveying a fee simple determinable, so that the grantee’s estate terminates automatically and reverts to the grantor if the terminating event ever occurs. • In this type of interest, the grantor transfers an…

Coase Theorem (kohs). An economic proposition describing the relationship between legal rules about entitle-ments and economic efficiency. • The theorem, innovated by Ronald Coase, holds that if there are no transaction costs — such as the costs of bargaining or acquiring information — then any legal rule will produce an efficient result. Coase’s seminal article…