Terms with Category Legal Contracts
- Receivership — Definition,
- A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
- Reconveyance — Definition,
- The transfer of title to the borrower after a mortgage has been paid fully.
- Renewable Term — Definition,
- An insurance policy that is can be renewed without needing the policyholder to re-qualify for insurance coverage.
- Rent-to-Own (RTO) — Acronym,
- An agreement to purchase an asset after a series of rental payments.
- Rental Agreement (RA) — Acronym, Important,
- A document that states the terms and conditions for tenancy of a dwelling.
- Repossession — Definition,
- The taking back of property after a borrower has stopped making payments.
- Rescission — Definition,
- Cancellation of a contract by agreement of the parties.
- Resident Alien — Definition,
- A person who is a legal permanent resident, but not a citizen, of Canada.
- Reverse Takeover — Definition,
- The purchase of a public company by a private company, often to avoid the IPO process.
- Rider — Definition,
- Additional insurance coverage that can added onto another insurance policy.
- Right of First Refusal — Definition,
- An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.
- Royalty Income — Definition,
- Payment for the use and exploitation of certain kinds of property, such as artistic or literary works, patents and mineral rights.
- Sales Contract — Definition,
- A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
- Seasonal Unemployment — Definition,
- The loss of jobs due to changes in the climate and other conditions. Forestry, fishing and construction are affected by climate, while retailing is affected by seasons and holidays. For instance, at Christmas, retail employment is higher than in January.
- Settlement — Definition,
- An agreement between the parties of a legal case.
- Settlement Statement — Definition,
- A document that details who has paid how much to whom.
- Share Certificate — Definition,
- A certificate of deposit issued by a credit union that pays a specific dividend if held for a specific period. It's the credit union equivalent of a certificate of deposit. A penalty is usually assessed if all or any of the principal is withdrawn before maturity.
- Sole Proprietorship — Definition,
- A business owned by an individual where no legal distinction is made between the business and the owner.
- Solicitor Information — Definition,
- When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.
- Specific Performance — Definition,
- A remedy in a court of equity compelling a defendant to carry out the terms of an agreement or contract. It is available only where the remedy of damages cannot afford adequate relief to the plaintiff.
- Statute — Definition,
- A law established by an act of the legislature.
- Statute of Frauds (SOF) — Acronym,
- A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
- Statute of Limitations (SOL) — Acronym,
- A period of time specified by statute within which an action at law must be brought or else be forfeited.
- Statutory Liability — Definition,
- Liability that is assigned by law and is not open for interpretation.
- Stock — Definition,
- A share of the ownership of a company.
- Sublet — Definition,
- An arrangement where a tenant leases property to a subtenant.
- Subrogation — Definition,
- When an insurance company has the right to take legal action against a third party for damages.
- Surrender Charge — Definition,
- A charge levied when a life insurance policyholder cancels his or her policy.
- Surrender Rights — Definition,
- The contractual right for a life insurance or annuity policyholder to cancel his or her policy.
- Survivorship — Definition,
- The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
