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SELECT A WORD TO VIEW THE COMPLETE DEFINITION:
UCC-1
n. a financing agreement form for using personal property (e.g. equipment) to secure a loan under the provisions of the Uniform Commercial Code (UCC) adopted in almost all states.
ultimate fact
n. in a trial, a conclusion of fact which is logically deduced from evidence ("evidentiary facts"). Example: the evidentiary facts were that driver Larry Leadfoot a) exceeded the speed limit, b) drove over the double-line, c) skidded and lost control of his car; the ultimate fact was, therefore, Lea...
ultra vires
(uhl-trah veye-rehz) adj. Latin for "beyond powers," in the law of corporations, referring to acts of a corporation and/or its officers outside the powers and/or authority allowed a corporation by law. Example: Directors of Highfliers, Inc. operate a small bank for its employees and friends, which c...
ultrahazardous activity
n. an action or process which is so inherently dangerous that the person or entity conducting the activity is "strictly liable" for any injury caused by the activity. Examples: working with high explosives or conducting a professional auto race on public streets.
unclean hands
n. a legal doctrine which is a defense to a complaint, which states that a party who is asking for a judgment cannot have the help of the court if he/she has done anything unethical in relation to the subject of the lawsuit. Thus, if a defendant can show the plaintiff had "unclean hands," the plaint...
unconscionable
adj. referring to a contract or bargain which is so unfair to a party that no reasonable or informed person would agree to it. In a suit for breach of contract, a court will not enforce an unconscionable contract (award damages or order specific performance) against the person unfairly treated, on t...
unconstitutional
adj. referring to a statute, governmental conduct, court decision or private contract (such as a covenant which purports to limit transfer of real property only to Caucasians) which violate one or more provisions of the U.S. Constitution. The ultimate determination of constitutionality is the U.S. S...
under the influence
n. one of many phrases for being drunk on alcoholic beverages or high on drugs or a combination of alcohol and drugs. Driving a vehicle when "under the influence" of alcohol or drugs is a crime, as is "public drunkenness."
underwrite
v. 1) to agree to pay an obligation which may arise from an insurance policy. 2) to guarantee purchase of all shares of stock or bonds being issued by a corporation, including an agreement to purchase by the underwriter if the public does not buy all the shares or bonds. 3) to guarantee by investmen...
underwriter
n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business or project.
undisclosed principal
n. a person who uses an agent for his/her negotiations with a third party, often when the agent pretends to be acting for himself/herself. As a result, the third party does not know he/she can look to the real principal in any dispute.
undivided interest
n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. Such interests are typical between joint tenants, tenants in common and tenants by the entirety.
undue influence
n. the amount of pressure which one uses to force someone to execute a will leaving assets in a particular way, to make a direct gift while alive or to sign a contract. The key element is that the influence was so great that the testator (will writer), donor (gift giver) or party to the contract had...
unfair competition
n. wrongful and/or fraudulent business methods to gain an unfair advantage over competitors, including: a) untrue or misleading advertising, b) misleading customers by imitative trademark, name or package, c) falsely disparaging another's product. Although state laws vary, unfair competition is the ...
unified estate and gift tax
n. in federal estate taxes, the value of the estate plus gifts upon which no gift tax has been paid are combined to determine the assets upon which the tax is calculated. The estate tax "kicks in" at $600,000 for each deceased person. In larger estates an experienced accountant is virtually mandator...
Uniform Commercial Code
n. a set of statutes governing the conduct of business, sales, warranties, negotiable instruments, loans secured by personal property and other commercial matters, which has been adopted with minor variations by all states except Louisiana.
unilateral contract
n. an agreement to pay in exchange for performance, if the potential performer chooses to act. A "unilateral" contract is distinguished from a "bilateral" contract, which is an exchange of one promise for another. Example of a unilateral contract: "I will pay you $1,000 if you bring my car from Clev...
uninsured motorist clause
n. the clause in a policy of insurance on an automobile which provides that if the owner (or a passenger) of the automobile is injured by a negligent driver of another vehicle who does not have liability insurance, then the insurance company will pay its insured's actual damages.
unissued stock
n. a corporation's shares of stock which are authorized by its articles of incorporation but have never been issued (sold) to anyone. They differ from "treasury stock," which is stock that was issued and then reacquired by the corporation.
unjust enrichment
n. a benefit by chance, mistake or another's misfortune for which the one enriched has not paid or worked and morally and ethically should not keep. If the money or property received rightly should have been delivered or belonged to another, then the party enriched must make restitution to the right...
unlawful
adj. referring to any action which is in violation of a statute, federal or state constitution, or established legal precedents
unlawful assembly
n. the act of assembling for the purpose of starting a riot or breaching the peace or when such an assembly reasonably could be expected to cause a riot or endanger the public. Although freedom of assembly is guaranteed by the First Amendment to the Constitution, law enforcement has the right to req...
unlawful detainer
n. 1) keeping possession of real property without a right, such as after a lease has expired, after being served with a notice to quit (vacate, leave) for non-payment of rent or other breach of lease, or being a "squatter" on the property. Such possession entitles the owner to file a lawsuit for "un...
unreasonable search and seizure
n. search of an individual or his/her premises (including an automobile) and/or seizure of evidence found in such a search by a law enforcement officer without a search warrant and without "probable cause" to believe evidence of a crime is present. Such a search and/or seizure is unconstitutional un...
use
n. the right to enjoy the benefits of real property or personal property (but primarily used in reference to real property), whether the owner of the right has ownership of title or not. Under English common law "use" of property became extremely important since title to real property could not be c...
use tax
n. a state tax on goods purchased in another state for use in the taxing state, to make up for local sales tax. Example: Bill Buyer, who lives in California (which has a sales tax), orders a freezer from a company in a state with no sales tax. California will attempt to charge a "use" tax equivalent...
usurious
adj. referring to the interest on a debt which exceeds the maximum interest rate allowed by law.
usury
n. a rate of interest on a debt which is exorbitant and in excess of the percentage allowed by law. Each state sets its own maximum interest rate. Courts will not enforce payment of interest on a loan if the rate is usurious, so a loan may result in being interest free. Charging usury as a practice ...
utter
v. 1) to issue a forged document. 2) to speak.
uxor
n. Latin for "wife." In deeds and documents the term "et ux." is sometimes used to mean "and wife," stemming from a time when a wife was a mere legal appendage of a man and not worthy of being named.
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