A premise is a statement or proposition that serves as the foundation for an argument or theory. It is an essential part of logical reasoning, as conclusions are drawn based on the validity of the premises. In formal logic, premises are typically presented in a structured format, leading to a conclusion that follows logically from them. In everyday language, premises can also refer to the physical location or property where a business or activity takes place. For example, a restaurant's premises include the building and surrounding area where it operates. Understanding both meanings of "premises" is important in various contexts, including philosophy, law, and business.