RECISS1O A . — The   abrogating,   or  making  void,   of   contracts.
RESPONDED TI A  BOND. — A  bond  in  the  nature  of  a  mortgage,  giver
for  a  loan  upon  the  cargo  of  a  vessel.
REMAINDER. — An  estate  which  takes  effect  after  another's  estate,
is  terminated.
SALVAGE. — Compensation  for  saving  a  vessel  from  wreck.
SET-OFF. — (See  Counter  Claim.)

STATUTE. — An  act  passed  by  a  Legislature.
STATUTE  OF  FRAUDS.— A  statute  requiring  certain  contracts  to
be  made  in  writing.
STATUTE  OF  LIMITATIONS.— A  statute  limiting  the  time  within
which  actions  can  be  brought  upon  a  debt,  or  other  demand.
SUBJECT  MATTER. — The  thing  concerning  which  a  contract  is
made.
SUBROGATION. — The  substituting  of  one  person  in  another's  place,
as  substituting  a  new  creditor.
SUIT. — An  action  on  a  claim  in  a  Court  of  justice.
SURETY. — One  who  promises  in  writing  to  answer  for  the  debt,  de-
fault, or  miscarriage  of  another.
SURRENDER  VALUE. — The  sum  which  an  insurance  company  will
pay  for  an  unexpired  policy.
TENANT. — One  who  has  possession  of  lands  of  another  temporarily.
TENDER. — An  offer  to  carry  out  the  terms  of  a  contract.
TRUSTEE.— One  who  holds  property  for  the  benefit  of  another.
USURY.— Illegal  interest.
244  COMMERCIAL   LAW.
VALUED  POLICY. — An  insurance  policy  which  fixes  the  value  01
the  property  insured.
VENDEE. — One  to  whom  anything  is  sold.
VENDOR.— The  person  who  sells.
VOID. — Without  any  legal  effect.
VOIDABLE. — That  which  may  be  made  void  at  the  option  of  one  of
the  parties  to  a  contract.
WAIVER. — A  relinquishment  of  a  right.
WARRANTY. — A  statement,  as  a  fact,  of  some  material  matter  con-
cerning an  article  offered  for  sale.
