The act of assuming a risk by insuring it, e.g., the insurance of life or property. The act of agreeing to buy all or part of a new issue of securities to be offered for public sale.

See also underwriter; insurance; Securities

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, a defense that can be used by a party to argue against the formation of a binding contract between two parties. The use of undue influence by one party over another puts the free will of one of the parties entering the contract into...

unearned income

Definition from Nolo’s Plain-English Law DictionaryIncome from investments, such as interest, dividends, or capital gains, or any other income that isn't compensation for services.

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


Description for a contract that will not be enforced by a court even though it is valid. An unenforceable contract provision is not void, and if the parties perform as stated in the contract, the court will not object. However, because of reasons...

unfair competition


The law of unfair competition is primarily comprised of torts that cause economic injury to a business through a deceptive or wrongful business practice. Unfair competition can be broken down into two broad categories:


unfair labor practices (ULPs)

Unfair Labor Practices: An Overview

Under the [[national_labor_relations_act_nlra|National Labor Relations Act ("NLRA")]], there are three broad categories of unfair labor practices ("ULPs"). The three categories of ULPs consist of those under...

Uniform Commercial Code

A uniform code governing commercial transactions that has been adopted in some form by every state as well as by the District of Columbia. It includes sections pertaining to sales and leases of goods, negotiable instruments, and secured transactions...

Uniform Resource Locator (URL)

A Uniform Resource Locator, or URL is the address of a specific location on the web. As explained by the Computer Security Resource Center, a URL is a reference to a web resource that specifies its location on a computer network and a...

Uniform Transfer-on-Death Securities Registration Act

Uniform Transfer-on-Death Securities Registration Act (UTODSRA) is an act that enables people to designate beneficiaries to inherit their stocks, bonds, bank accounts or other securities without the need for probate. The registration process...