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...
commercial activities
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...
vitiate
Vitiate is the act of impairing or voiding the effect of something else. Thus, a statute that vitiates a contract has the effect of voiding at least one of the contract's provisions.
[Last updated in July of 2024 by the Wex...
void
Void means having no legal effect from the start. Thus, a void contract is invalid from the start of its purported closing. Note: having no legal effect, it does not change the legal relationship between the parties involved.
...voidable
Voidable means a contract is valid unless rejected by a party with the legally protected option of doing so. Thus, state law may allow minors to either affirm or reject any promises made in a contract by calling such contracts voidable. See e...
Volcker Rule
The Volcker Rule refers to a broad set of rules adopted under Dodd-Frank Title VI that attempts to reduce risk within banking institutions, stemming from mixing investment banking and commercial banking. The Volcker Rule consists of two major...
voting trust
A voting trust is when individual shareholders, or a group, transfer their voting rights to a trustee, or a group of trustees. Voting trusts are a device for combining shareholder’s voting power as the trustee then controls a unified voting...