Glossary of Legal Terms S
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SALE OR RETURN: if goods are purchased on sale or return it means that if the person purchasing them is unable to sell them on to a third party they may be returned to the producer without needing to be paid for. Normally certain conditions apply to a sale or return dealing with the state of the goods when returned and the time by which the return must take place. The law regards the goods as being owned by the producer until the sale takes place when the title in them passes to the purchaser. The intermediary then becomes liable to pay to the producer the agreed price.
SECURITY: a security is a guarantee given in exchange for the payment of a sum of money.
SERVICE: providing a copy of the papers being filed to the other side.
SHARE: a share is the right of ownership which a shareholder has within a company. The rights which attach to the share are usually set out in the Articles of Association. A company may issue many shares and not all of them need be worth the same amount nor carry the same rights. Unless the articles in some way prevent it, it is possible for a share to be sold to a third party- at which time the third party will become the shareholder in the company.
SPOUSE: husband or wife.
SUBPOENA: a form issued by the court requiring someone to appear in court and/or bring documents.
SUMMING UP: a summing up is the final set of remarks made by a judge at the end of a case summarizing the facts of the case for the benefit of the jury.