The words pard, parred sound the same but have different meanings and spellings. Why do pard, parred sound the same even though they are completely different words?
The answer is simple: pard, parred are homophones of the English language.
A leopard or other large cat.
Simple past tense and past participle of par.
Definitions from The American Heritage® Dictionary of the English Language, 4th Edition, from Wiktionary, Creative Commons Attribution/Share-Alike License and Wordnik.
Homophones (literally "same sound") are usually defined as words that share the same pronunciation, regardless of how they are spelled.