Adjective and intransitive verb: A regular mace is an incident in which 2 people are involved in a theft, and one person steals an item belonging to the second person. However, if the person responsible then proclaims loudly and confidently: "Fair mace!!", then the theft is allowed under a verbal contract and renders dispute, or argument, irrelevant and impossible.
Matt: *walks out with Joel's furniture*
Joel: "Oi you bellend, thats my couch!"
Matt: *Points finger confidently* - "Fair Mace!!!"
Joel: "Aw shucks, you got me! Take it away then."
by mdog65 December 17, 2004

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