It's a bit different. Full-time faculty tend to work what we refer to as the 40-40-20 workload. They spend 40% of their time teaching, 40% of their time researching, and 20% of their time doing service in the universities. That would be sitting on committees, sitting on the university senate and things like that. They receive an annual salary that reflects that work.
Our part-time faculty teach on a per-course basis, so they're assigned one course and they get a stipend for teaching that course.