Subrogation is the process where one party assumes the legal rights of another, typically by substituting one creditor for another. Subrogation can also occur when one party takes over another's right to sue.
For example,...
commercial activities
subrogee
Subrogee is someone who acquires rights in place of another (subrogor) by subrogation, usually by paying the other's debts or expenses in connection with the claim to collect the other's claim against the third party. For example, an...
subrogor
Subrogor is someone whose rights are acquired by another (subrogee) as a result of subrogation, usually by transferring the legal right to collect a claim to another in exchange for payment of the debt or expense associated with the claim by...
subscribe
Subscribe in a legal context means the action of:
Writing one’s name on a document in acknowledgment of being its creator. For example, subscribe a letter. Signing a document to give one’s consent to the terms established therein. For...subsidiary
A subsidiary is an entity (e.g., a corporation) in which another entity (known as the parent or holding company) has a controlling share. Although the subsidiary operates as a separate legal entity, the parent company can influence its...
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...
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...