Dictionary

Statutory Month Method

Definition: a proration method in which all months are considered to have 30 days Pronunciation:  \ˈsta-chə-ˌtȯr-ē\ Used in a Sentence:    To prorate costs you can use the statutory month method.

Statutory Law

Definition:   law created by the enactment of legislation, as opposed to law created by judicial decision (common law) Pronunciation:   \ˈsta-chə-ˌtȯr-ē\ Used in a Sentence:   Chapter 475 pertaining to license law...

Statute Of Limitations

Definition:   the law pertaining to the period of time within which certain actions must be brought to court Pronunciation:   \ˈsta-(ˌ)chüt\ \ˌli-mə-ˈtā-shən\ Used in a Sentence:   The statute of limitations on a...

Statute Of Frauds

Definition:   an act requiring that certain real estate instruments and contracts affecting title to real property be in writing in order to be enforceable Pronunciation:   \ˈsta-(ˌ)chüt\ \ˈfrȯd\ Used in a Sentence: ...

Statute

Definition: an established rule or law passed by a legislative body Pronunciation:  \ˈsta-(ˌ)chüt\ Used in a Sentence:   Florida Statute Chapter 475 is also known as the Real Estate Professional Practice Act.

Static Risk

Definition:  risk that can be transferred to an insurer such as the risk of fire, vandalism, etc Pronunciation:   \ˈsta-tik\ \ˈrisk\ Used in a Sentence:   Because a fire is considered a static risk,...