In a legal context, “time is of the essence” is a statement that may be included in the language of the provisions of a contract to emphasize that the parties must complete their obligations on time. In other words, the phrase “time is of the...
COMMERCE
title insurance
Title insurance is coverage purchased by buyers of real estate to protect against issues of title. In a real estate transaction, a title company or another institution will conduct a title search for any erroneous issues with the title, and...
tontine
Tontine is an investment plan in which participants buy shares in a common fund and receive an annuity that increases every time a participant dies.
In simpler terms, tontine is an investment scheme in which the so-called...
tortious interference
Tortious interference is a common law tort allowing a claim for damages against a defendant who wrongfully interferes with the plaintiff's contractual or business relationships.
See also intentional interference with...
toxic mold
Toxic mold is a term that is used to describe types of mold that are considered deadly to humans. Toxic mold encompasses hundreds of species of mold, a small fraction of which are not very harmful to the human body. Mold is a form of fungus...
toxic tort
A toxic tort is a subcategory of torts involving injuries to plaintiffs caused by toxic substances. Such cases are often brought under the doctrine of product liability. While toxic tort cases traditionally dealt with injuries arising from...
trade name
A trade name is a type of mark used to identify a company, partnership, or business rather than goods or services. Trade names cannot be registered under the Lanham Act unless they actually function to identify the source of particular goods...
trade regulation
The terms commerce and trade are often used interchangeably, with commerce referring to large-scale business activity and trade describing commercial traffic within a state or a community. The U.S. Constitution, through the Commerce Clause,...
trade secret
The Uniform Trade Secrets Act (UTSA) is a piece of legislation created by the Uniform Law Commission (ULC). The UTSA defines trade secrets and describes claims related to trade secrets. As of 2024, 48 states, the District of Columbia, the U.S...
trafficking
Trafficking is the transporting of or transacting in illegal goods or people. See drug trafficking, sex trafficking, and human trafficking.
[Last updated in December of 2021 by the Wex Definitions Team]