Definitions
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Sale of Goods
A bill of sale is a document that transfers ownership of an asset from a seller to the buyer, a basic agreement for sale of goods, and a sales receipt.
Sale or Exchange
Sale or exchange ia a term used in tax law to refer to a transaction in which value is received, triggering a gain or loss for income tax purposes. A sale or exchange is distinguished from inheritance, gifts, or other transactions in property which do not result in a calculable gain or loss.
Security/Damage Deposit
Money provided by a tenant to a landlord to secure performance of a rental agreement or compensate for possible loss or damage.
Severibility
A clause in a contract that allows for the terms of the contract to be independent of one another, so that if a term in the contract is deemed unenforceable by a court, the contract as a whole will not be deemed unenforceable. If there were no severability clause in a contract, a whole contract could be deemed unenforceable because of one unenforceable term.
Seizure
Seizure is the act of law enforcement officials taking property, including cash, real estate, vehicles, etc., that has been used in connection with or acquired by illegal activities.
Slumlord
A slumlord is an unscrupulous landlord who milks a property without concern for tenants, neighborhoods or their own long term interests. Slumlords overcharge for property in poor neighborhoods that is kept in poor repair and allowed to deteriorate.
Subcontractor
A subcontractor is a person who performs work under a contract with a general contractor, rather than the employer who hired the general contractor.
Summons
A summons is a paper issued by a court informing a person that a complaint has been filed against her. It may be served by a sheriff or other authorized person for service of process, called a process server.
Sublease
A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. Click to view our Sublease Agreement
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