Source : Webster's Revised Unabridged Dictionary (1913)

Premise \Prem"ise\, n.; pl. {Premises}. [Written also, less
   properly, {premiss}.] [F. pr['e]misse, fr. L. praemissus, p.
   p. of praemittere to send before; prae before + mittere to
   send. See {Mission}.]
   1. A proposition antecedently supposed or proved; something
      previously stated or assumed as the basis of further
      argument; a condition; a supposition.

            The premises observed, Thy will by my performance
            shall be served.                      --Shak.

   2. (Logic) Either of the first two propositions of a
      syllogism, from which the conclusion is drawn.

   Note: ``All sinners deserve punishment: A B is a sinner.''
         These propositions, which are the premises, being true
         or admitted, the conclusion follows, that A B deserves
         punishment.

               While the premises stand firm, it is impossible
               to shake the conclusion.           --Dr. H. More.

   3. pl. (Law) Matters previously stated or set forth; esp.,
      that part in the beginning of a deed, the office of which
      is to express the grantor and grantee, and the land or
      thing granted or conveyed, and all that precedes the
      habendum; the thing demised or granted.

   4. pl. A piece of real estate; a building and its adjuncts;
      as, to lease premises; to trespass on another's premises.

Source : WordNet®

premises
     n : land and buildings together considered as a place of
         business; "bread is baked on the premises"