business law

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

Definition

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

A variable annuity is an annuity — periodic payments to a recipient — that vary in amount based on the performance of the underlying investments. Variable annuities are tax-deferred and a person does not have to pay any taxes on the income or...

Vertical privity

In business law, vertical privity is the relationship between companies in a distribution chain (e.g. a manufacturer and a distributor). Those in vertical privity are jointly liable for product defects in the vertical chain.

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Voting trust

Definition

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...

waiting period

The waiting period is the stage in the initial public offering (IPO) process after the issuer files their registration statement with the Securities and Exchange Commission (SEC) and waits for the SEC to declare their registration statement...

waive

To “waive” is to forego something. It is an act of voluntarily giving up a right, and can apply to a variety of legal situations including knowingly giving up a legal right such as a speedy trial, a jury trial, giving up some rights in a...

Warranty

In general, a warranty is a promise, assurance, or statement made by the warrantor regarding the existence or accuracy of specific facts or the condition, quality, quantity, or nature of a good or property. There are express and implied...

warranty of fitness

A warranty of fitness is a type of warranty that asserts that the goods are suitable for the special purpose of the buyer, and such warranty will not be satisfied by mere fitness for general purposes. While the good may be fit for its...

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