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...
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valuable consideration
Valuable consideration broadly refers to a sufficient price paid by a party in exchange for something in a contract or sale. The “valuable” description of consideration also may mean that the consideration is monetary in contrast to other...
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...
variable life insurance
Variable life insurance is a form of whole life insurance that accumulates cash value on a tax-deferred basis. Variable life insurance operates similarly to a mutual fund because the insured pays premiums that go into a separate investment...
variable universal life insurance
Variable universal life insurance refers to universal life insurance policies where the policy holder chooses how the cash value of the account is invested. Like any universal life insurance, these policies allow flexible premiums and death...
vendee
A vendee is a person who purchases something being sold, or a buyer. Most commonly, a buyer of real property is often referred to as a vendee. A vendee can also refer to the buyer in all other transactions. For example, a buyer of a house and...
vendor
A vendor is a seller of a good, service, or real property. A vendor can also refer to a seller in any other transaction. For example, in a transaction in which company A is purchasing company B’s products, then company B is the vendor. The...
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.
...Vessel Hull Design Protection Act
Title V of the Digital Millennium Copyright Act, the Vessel Hull Design Protection Act, provides sui generis protection for an “original design of a useful article” (where “useful article” is limited to boat hulls). It was intended to replace the...
video news release
Video news releases, also known as prepackaged news stories, are video segments created or funded by private corporations or government agencies to appear like standard news programs. When these segments are aired without disclosing their...