Situs: Definition, Example and Related Terms

Situs is a Latin term that refers to the location or place where something exists or happens. In the world of contracts, 'situs' is often used to pinpoint the jurisdiction or the legal territory where a contract is to be interpreted or enforced. Think of it like the 'home ground' for a contract, where the rules of the game (the contract) are decided by the laws of that place (the situs).

For example, let's say you're a young entrepreneur in California and you sign a contract with a supplier in New York. The contract states that the situs, or the 'home ground', is New York. This means that if there are any disagreements or disputes about the contract, they will be settled according to New York law, not California law. It's like playing a game on the other team's home ground, where their rules apply.