UCC is an acronym for the Uniform Commercial Code. The UCC is a uniformly adopted set of state laws that regulates all commercial transactions in the United States. The uniformity of the UCC is crucial for businesses transacting across state...
business law
UCC Financing Statement
UCC Financing Statement (usually called a UCC-1 Form) is a form that creditors file with states in which they have a security interest in a debtor’s personal property. The financial statement serves a similar purpose as recording a deed for...
UCC-1 Form
UCC-1 Form (commonly called a UCC financial statement) is a form that creditors should file with states in which they have a security interest in personal property. The financial statement serves a similar purpose as recording a deed for real...
ultra vires
Ultra vires is a Latin phrase, meaning "beyond the powers." Ultra vires plainly means an action by a company or its agent that exceeds the legal scope of its authority. In this instance, the scope of authority is granted by the company’s own...
unanimous
Unanimous means complete agreement in a decision made by multiple individuals or parties. During a trial, a unanimous jury means that all jurors agreed in the conclusion and verdict of the court case. Similarly, unanimous decisions in an...
unconscionability
Unconscionability is a defense against the enforcement of a contract or portion of a contract. If a contract is unfair or oppressive to one party in a way that suggests abuses during its formation, a court may find it unconscionable and...
unconscionable
Unconscionable is an adjective that means without a conscience; unscrupulous; so unfair or unjust that it shocks the conscience. The adjective is frequently used in the context of contract law for contracts that have grossly oppressive and...
underwrite
Underwrite can refer to one of many different kinds of financial risk taking. Broadly, underwrite means agreeing to some form of financial investment with the possibility of profits or losses. A few examples of underwriting include loans,...
undisclosed principal
Under agency law, undisclosed principals arise when a third party has no notice that the principal exists, but the undisclosed principal has authorized an agent to act on the principal’s behalf. The agent does not represent that they are...
undue influence
In contract law, undue influence is a defense used to argue against the formation of a binding contract. It occurs when one party exerts excessive persuasion on another, undermining their free will and leading to a contract that benefits only...