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sale-of-business doctrine.The outmoded rule holding that the transfer of stock incident to the sale of a business does not constitute a transfer of securities. • This doctrine was rejected by the U.S. Supreme Court in Landreth Timber Co. v. Landreth, 471 U.S. 681, 105 S.Ct. 2297 (1985), and its companion case, Gould v. Ruefenacht, 471…

sale note.See NOTE(1). [Blacks Law 8th]

sale and return.See sale or return under SALE. [Blacks Law 8th]

sale,n.1. The transfer of property or title for a price. See UCC § 2-106(1). [Cases: Sales 1; Vendor and Purchaser 1. C.J.S. Sales § 2; Vendor and Purchaser§§ 2, 5.] 2. The agreement by which such a transfer takes place. • The four elements are (1) parties competent to contract, (2) mutual assent, (3) a…

salary. An agreed compensation for services — esp. professional or semiprofessional services — usu. paid at regular intervals on a yearly basis, as distinguished from an hourly basis. • Salaried positions are usu. exempt from the requirements of the Fair Labor Standards Act (on overtime and the like) but are subject to state regulation. Cf.…

salarium (s<<schwa>>-lair-ee-<<schwa>>m), n.[Latin “salt money”] 1.Roman law. An allowance, esp. for living expenses, given to persons in noble professions (such as teachers and doctors) who were not allowed to sue for fees. 2.Roman law. Wages for persons engaged in military service on an emergency basis. • The regular soldier’s pay is a stipendium. 3.Hist. The…

salable value.See fair market value under VALUE(2). [Blacks Law 8th]

salable (say-l<<schwa>>-b<<schwa>>l orsayl-<<schwa>>-b<<schwa>>l), adj. Fit for sale in the usual course of trade at the usual selling price; MERCHANTABLE. [Cases: Sales 272. C.J.S. Sales §§ 254–256.] — salability (say-l<<schwa>>-bil-<<schwa>>-tee or sayl-<<schwa>>-bil-<<schwa>>-tee), n. [Blacks Law 8th]

sake and soke (sayk / sohk).Hist. A lord’s right to hold court and compel attendance. — Also spelled sak and soc (sak / sok). See SOC. [Blacks Law 8th]

sailor’s will.See soldier’s will under WILL. [Blacks Law 8th] SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION Saint Lawrence Seaway Development Corporation.A wholly-owned corporation in the U.S. Department of Transportation responsible for developing, operating, and maintaining a part of the St. Lawrence Seaway from Montreal to Lake Erie. • It charges tolls at rates negotiated with the St.…