Prospect
/ˈprɑspɛkt/
Definitions
- (n.) A potential customer, client, or party with whom one may enter a legal or business relationship.
The law firm contacted a new prospect for potential legal representation.
- (n.) A possible or likely event or outcome, especially concerning future success or acceptance.
The prospect of settlement encouraged the parties to negotiate.
- (n.) In mining and land law, a tract of land explored or sought for valuable minerals or resources.
They secured a prospect to explore for gold in the region.
Forms
- prospects
Related terms
See also
Commentary
In legal contexts, 'prospect' often implies a preliminary or potential relationship or outcome, important to distinguish from concluded agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.