All Legal Terms by letter S

S-Corporation :- An S-Corporation is a corporation that has elected and qualified for a special tax status with the Internal Revenue Service. The main advantage associated with the S-Corporation is that income to the S-Corporation is not taxed to the corporation but it passes through to the shareholders. S-Corporations usually have fewer shareholders. In this manner, the S-Corporation avoids the perceived double taxation that happens to a traditional corporation. Most states do allow the S-Corporation to exist.

Sabotage :- Intentional destruction of a means of industrial production, or the intentional destruction of national defense assets at a time of war. The word originates in the industrial revolution where workers in Holland would throw their wooden shoes (sabots) into the works.

Safe Deposit Box :- A secure box that can be rented from a bank for storage of valuables. They usually require two keys, one that is kept at the bank, and one that the box owner carries.

Safe Harbor :- A statute that eliminates liability, or protects from liability, some actor. These are common in securities regulation where individuals make forecasts. So long as the forecast is made in good faith, no liability will lie for a wrong prediction.

Sales Journal :- A sales journal is the book of account, or journal, kept specifically to record a company's credit sales.

Sales Returns and Allowances :- The Sale Returns and Allowances record is an account for recording deductions from merchandise sold by virtue of discounts given, returns accepted, and for damaged goods.

Salvage Value :- The value of an asset after it usefulness has been used up. For example, a totally wrecked motor vehicle has a value as junk that someone will pay, even though it cannot be driven anymore.

Sarbanes Oxley Act :- The Sarbanes Oxley Act of 2002, sometimes referred to as SOX, was a legislative attempt to respond to the accounting scandal caused by the recent fall of some publicly held companies and the perceived excesses of the management of some other companies. Sarbanes Oxley requires compliance with a comprehensive reform of basic corporate accounting procedures. The aim is to promote and improve public confidence in the quality and transparency of financial reporting. The reforms apply to both internal and external auditors. Software for compliance is available in several useful forms.

Satisfaction :- A thing given, not necessarily the specific performance promised, that is intended to extinguish an obligation. This is the fulfillment of an obligation, such that the obligation is discharged.

Savings Account :- A savings account is a deposit account kept at a commercial bank, savings bank, or a savings and loan association. The bank will pay interest on the amount deposited. More and more banks and their customers are turning to electronic banking, telephone banking, or online banking, to take care of their savings accounts, rather than rely on the traditional passbook. Use of Automated Teller Machines (ATM) has also changed the face of the banking relationship.

Scope of Authority :- In agency questions, this refers to the actual or perceived power given to an agent by his principal in carrying out the principal's business. This is similar to the scope of employment.

Scope of Employment :- In respondeat superior questions, this refers to the actual or perceived power given to an employee by his employer in carrying out the employer's business. This is similar to the scope of authority in agency law.

Search Warrant :- A court order from a judge that allows the police to enter and search the property of another.
Second Amendment :- Part of the original Bill of Rights, this amendment guarantees the right to keep and bear arms, in light of the need for a well regulated malitia.

Second Degree Murder :- Most jurisdictions define Second Degree Murder as knowingly causing the death of a person by purposely causing serious physical injury, such that the person dies from the injury. Murder generally is broken up into degrees. See First Degree Murder.
Secured Debt :- A debt that is collateralized, or backed by a pledge of property.

Secured Transaction :- A buy-sell transaction that is governed by Title 9 of the UCC and involves the giving of collateral for the loan (or delivery) in the form of property or an interest in property in order to guarantee payment.

Securities Fraud and Broker Fraud :- Securities fraud and broker fraud is a crime that occurs when deception takes place in the trading of stocks and other securities. Many cases have been brought against stock brokers for fraud and deceptive practices. One such broker fraud crime is known as churning, which occurs when the broker makes transactions in an account for the sole purpose of generating a brokerage commission, rather than for a valid investment purpose. Dealing in patently unsuitable investments for a client can also be an example of broker fraud. If convicted of securities fraud, the broker can be barred from the market, fined, made to disgorge profits, and may even be imprisoned.
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Security Deposit :- An amount agreed to be paid to the landlord to cover potential losses with the rented space, such as non-payment of rent, damages, and waste


Seduction :- An offense now abolished in many states wherein a man wrongfully entices a woman of chaste character to have intercourse.

Seizure :- The taking of property against the will of the owner or possessor. It also applies to the taking of a person into custody, against his or her will.

Self Defense :- Justified defense of your person and property. The force used in defense must be reasonable and somewhat proportional to the force being resisted.

Self-Employment Tax :- This is simply the legal term for the tax paid by self-employed persons into the Social Security System. Without the self-employed contributing to the fund, there would be no individual account for that person upon retirement. To settle the ultimate burden, the legislature requires self-employed persons to pay into the social security fund.