In general, a separation is the termination of any contractual relationship (e.g., a contract for employment).
In family law, a separation is a situation in which spouses live apart from each other because of a judicial...
business law
setoff
A setoff is the right of someone who owes money to subtract from the debt any money owed in the other direction.
A setoff is also a defendant’s monetary demand against the plaintiff for some injury unrelated to the...
severability clause
A severability clause is a contract provision that keeps the remaining portions of the contract in force should a court declare one or more of its provisions unconstitutional, void, or unenforceable.
[Last updated in June of 2024 by...
severable contract
A severable contract is a contract with two or more agreements that are distinct enough to where the unenforceability or breach of one does not nullify the enforceability of the other.
Generally, a party who fails to fully...
sham transaction
A sham transaction is a transaction that is unlawful or illusory.
Illusory transactions that exist on paper but have no tangible consequences may be voided in court, especially if used as a tax shelter or other deceptive...
share
A share is a specific portion of money or other capital. Business partners usually contribute a specific share of capital to their partnership and are then owed a share of the profits. Corporations can also issue shares of capital stock to...
shareholder
A shareholder is a person who owns stock in a corporation.
[Last updated in June of 2024 by the Wex Definitions Team]
shareholder derivative suit
A shareholder (stockholder) derivative suit is a lawsuit brought by a shareholder or group of shareholders on behalf of the corporation against the corporation’s directors, officers, or other third parties who breach their duties.The claim of...
shareholder's derivative action
A shareholder (stockholder) derivative action (suit) is a lawsuit brought by a shareholder or group of shareholders on behalf of the corporation against the corporation’s directors, officers, or other third parties who breach their duties.The...
shareholders' agreement
A shareholders’ agreement is a contract that regulates the relationship between the shareholders and the corporation. The agreement will detail what models or forms which the corporation should run and outline and the basic rights and...