business law

Unincorporated business organization (UBO)

See: Massachusetts trust.

unissued stock

Definition from Nolo’s Plain-English Law DictionaryA corporation's shares of stock which are authorized by its articles of incorporation, but have never been issued (sold) to anyone.

Definition provided by Nolo’s Plain-English Law Dictionary.

Unjust enrichment


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...

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,...


Definition from Nolo’s Plain-English Law DictionaryExceeding the maximum interest rate on a debt that is allowed by law.

Definition provided by Nolo’s Plain-English Law Dictionary.


Definition from Nolo’s Plain-English Law DictionaryExtending credit at an exorbitant or illegally high interest rate. States set their own maximum interest rates, and courts will not enforce payment of interest on a loan if the rate is usurious. Most...

Valuable consideration


A benefit conferred or a detriment incurred by a party in exchange for another's promise. Valuable consideration may be non-monetary as long as it is of some value to one or both parties. Also called good and valuable consideration and legal...

Variable annuity


An annuity — periodic payments to a recipient — that varies in amount based on the performance of the underlying investments.

Illustrative caselaw

See, e.g. NationsBank of North Carolina, N.A. v. Variable Annuity Life Ins. Co., 513 U.S....

Vertical privity


1) In business law, the relationship between companies in a distribution chain. For example, a manufacturer and a distributor are in vertical privity. Those in vertical privity are jointly liable for product defects in the vertical chain....

Voting trust


A trust formed when individual shareholders transfer both the legal title and voting rights in their shares to a trustee. The trustee then controls a unified voting block - with a stronger voice on matters of corporate governance than the...