business law

subscribing witness

Definition from Nolo’s Plain-English Law DictionaryA person who signs a document indicating that they have witnessed a signature. For example, a person who witnesses the signing of a will is a subscribing witness.

Definition provided by Nolo’s Plain-...


An entity (e.g., a corporation) in which another entity has a controlling share.

Substantial Impairment

Under Article 2 of the Uniform Commercial Code, when dealing with installment contracts for the sale of goods, substantial impairment is the standard used to determine if a buyer has the right to reject tender by the seller, where tender is not perfect...

Substantial Performance

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...

sum certain

Definition from Nolo’s Plain-English Law DictionaryAn amount that is directly stated in a contract or negotiable instrument (like a promissory note) at the time the document is written. For example, "I agree to pay you $500 for painting my living room."...

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.


Definition from Nolo’s Plain-English Law DictionaryAn additional charge of money made because it was omitted in the original calculation or as a penalty, such as for paying a bill late.

Definition provided by Nolo’s Plain-English Law Dictionary.


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...

Surety bond

Sometimes, when a party owes others legal duties, the party posts a surety bond to guarantee their performance. The surety bond is like a security deposit, with the party promising to do something as the renter and person they owe obligations to, or...



To cheat a person out of money or property through fraud or deceit.