What is a Sum Certain?
A sum certain (or sum payable) describes the specific amount clearly stated in a financial contract or negotiable instrument such as a mortgage note or promissory note. A sum certain is void of ambiguity, hence, there can be no misconstruction or misinterpretation. A sum certain can also be used in purchase contracts, employment contracts, and lease contracts.
Related Topics
- What is a Contract?
- Contract Theory Definition
- Meeting of the Minds
- Doctrine of Utmost Good Faith
- Aleatory Contract Definition
- What are the sources of contract law?
- Restatement of Contracts
- Uniform Commercial Code
- Convention on Contracts for the International Sale of Goods (CISG)
- What is a Unilateral Contract vs a Bilateral Contract?
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- What is a Void Contract vs a Voidable Contract?
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- What type of writing satisfies the statute of frauds?
- Exceptions to the Statute of Fraud
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- E-Sign Act
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- When is a party’s Duty of performance?
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- Abandonment Option (Contract) Definition
- Cooling Off Rule Definition
- What is tender performance of a contract?
- What are Impossibility and Impracticability
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- Waiver or Release from Contract
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- Force Majeure Clause
- Novation
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- Repudiation (Contract) Definition
- Anticipatory Repudiation
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- Assumpsit
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- Hold Harmless Clause
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- Organization of a Contract
- How to Read the Contract
- Boilerplate
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- Contract Covenants
- What rules does a court follow in interpreting a contract?
- Addendum
- Allonge Definition
- What is the Parol Evidence Rule?
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