wex definitions

underwriting

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...

undivided interest

An undivided interest means that two or more persons have an interest in a property held under the same title. The undivided interest encompasses the whole property, and its holders have equal rights to the entire property. The undivided...

undocumented immigrant

Undocumented immigrants are individuals who have either illegally entered the United States without inspection, or legally entered the United States with valid nonimmigrant visas but those visas have expired. For instance, an individual...

undue burden

An undue burden arises if the purpose or effect of the state restriction on abortion has placed a substantial obstacle on a someone seeking an abortion of a non-viable fetus. If the person seeking an abortion of a non-viable fetus can prove...

undue hardship

A degree of hardship in a proposed accommodation that is unreasonable or excessively costly for an employer to bear.

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.

unemployment insurance (UI)

Unemployment insurance is a system of cooperative federalism, in which each state receives federal funds to reimburse its costs of administering the program, and employers receive federal tax credit for unemployment insurance tax they pay....

unenforceable

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...

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