COMMERCE

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.

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.

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.

• llcs-corporations-partnerships

Ultrahazardous activity (also known as abnormally dangerous or extrahazardous activity) refers to actions of individuals and entities that involve a high level of danger which typically carries strict liability.

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• accident-law

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.

Uncommitted credit facilities are short-term credit facilities which are subject to the discretion of both the borrower and the lender. That is, the lender has no obligation to extend credit to the borrower, and the borrower has no obligation to borrow from the facility and can terminate it at any time.

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 refuse to enforce it. 

There are two types of unconscionability in contracts, procedural and substantive. 

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 unfair terms.

See: naked option.

[Last reviewed in July of 2024 by the Wex Definitions Team] 

• llcs-corporations-partnerships

Undercapitalization means that a company does not have enough capital to conduct ordinary business operations. Undercapitalization may also lead to the company being unable to pay its creditors.