The standard used under common law to evaluate the performance of contracts. The parties performing the contract must meet the standard of substantial performance of the contract only, and performance therefore does not have to be perfect. The standard...
commercial activities
substitution
Substitution means to put one person or thing in the place of another. Common uses of the term “substitution” in a legal sense include:
“Substitution of parties” is replacement of a party to an action with a successor or...suicide clause
Suicide clause is a standard clause in life insurance policies that limits payments made to survivors of a policyholder who dies by suicide within a certain period after purchasing the policy. Insurance companies typically don’t pay a death...
sum certain
Sum certain is a clear amount agreed upon in a contract. A sum certain can be a purchase price or an amount for a loan. The main characteristic of a sum certain is the amount is absolutely clear without any room for different interpretations...
sunshine laws
Sunshine laws are regulations requiring public disclosure of government agency meetings and records. Sunshine laws require specific businesses and government agencies to maintain transparency and disclose their activities to the public. The...
Superfund
Superfund is the shorthand name often used to refer to the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). CERCLA is codified in 42 U.S.C. Chapter 103. It is a large piece of legislation that gives the...
supplier's lien
A type of lien that gives a security interest in property to someone who supplies materials used during work performed on that property. Essentially, a mechanic's lien by another name.
surcharge
A surcharge means:
An additional amount of money charged over a tax, charge, or cost, that may arise because it was initially omitted or as a penalty for late payment. For example, paying a bill late may cause a surcharge for the...surety
Someone who assumes direct liability for another's obligation. Financial creditors may require the debtor to find a surety, who then signs the loan agreement along with the debtor. Although similar to a guarantor, a financial surety's liability...
surrender value
Surrender value refers to the amount a person would receive if they withdraw money from their own life insurance policy’s cash value. For most permanent life insurance policies and some annuities, the life insurance policy has an investment...