A unilateral contract is a contract created by an offer than can only be accepted by performance.
OverviewIn a unilateral contract, there is an express offer that payment is made only by a party's performance. Another example of...
business law
unilateral contract
Definition
unincorporated
Not incorporated. Specifically -
1. A organization that has not been formed into a legal corporation.
2. Not combined or mixed with something else. Thus, in constitutional law, an unincorporated amendment of the U.S. Constitution...
unincorporated business organization (UBO)
An unincorporated business organization (UBO) is a business arrangement used in lieu of a company or partnership. The investor acts as the settlor of the trust and gives the management rights to the trustee, who holds title to the property...
unissued stock
Unissued stock is the stock that has been authorized for use in the company’s charter but that the company has not sold (issued) either to the shareholders or other investors in the market.
Unissued stock does not accumulate...
unjust enrichment
Overview
Unjust enrichment occurs when Party A confers a benefit upon Party B without Party A receiving the proper restitution required by law. This typically occurs in a contractual agreement when Party A fulfills his/her part of the agreement and...
unseasoned issuer
An unseasoned issuer is any issuer subject to period reporting requirements, i.e. is a public company, but who is not eligible to file a Form S-3 or a Form F-3 for a primary offering, i.e. is not a seasoned issuer or a well-known seasoned...
usage of trade
Under section 2 of the Uniform Commercial Code, usage of trade is often used to aid in interpreting contracts and to give terms particular meanings. A usage of trade is a practice or method of dealing having such regularity of observance in a place,...
usurious
Usurious is an adjective that means practicing, constituting, or amounting to usury; charging an illegally high interest rate on a loan.
[Last updated in August of 2021 by the Wex Definitions Team]
usury
Usury is interest that a lender charges a borrower at a rate above the lawful ceiling on such charges; a contract upon the loan of money with an illegally high interest rate as a condition of the loan. Usury is also the act of making a loan...
valuable consideration
Valuable consideration broadly refers to a sufficient price paid by a party in exchange for something in a contract or sale. The “valuable” description of consideration also may mean that the consideration is monetary in contrast to other...