The spelling of the word "peace chance" can be explained using the International Phonetic Alphabet (IPA). The first syllable "peace" is spelled with the long vowel /i:/ and the voiceless consonant /p/, resulting in the IPA transcription /pi:s/. The second syllable "chance" is spelled with the voiced consonant /dʒ/ and the short vowel /æ/, resulting in the IPA transcription /tʃæns/. Together, the word is spelled /pi:s tʃæns/. It means a possibility of peace or an opportunity for peace.