wex definitions

Uniform Prudent Investor Act

The Uniform Prudent Investor Act (UPIA) was prepared by the Uniform Law Commission (ULC) in 1994 and was approved by the American Bar Association in 1995. The UPIA contains a comprehensive set of standard rules that the ULC has approved and...

Uniform Resource Locator (URL)

A Uniform Resource Locator, or URL is the address of a specific location on the web. As explained by the Computer Security Resource Center, a URL is a reference to a web resource that specifies its location on a computer network and a...

Uniform Simultaneous Death Act

Uniform Simultaneous Death Act is a piece of legislation enacted by many states which prevents the need of multiple probate proceedings when two individuals die within 120 hours of one another. When someone passes with or without a will,...

Uniform Transfer-on-Death Securities Registration Act

Uniform Transfer-on-Death Securities Registration Act (UTODSRA) is an act that enables people to designate beneficiaries to inherit their stocks, bonds, bank accounts or other securities without the need for probate. The registration process...

Uniform Transfers to Minors Act

The Uniform Transfers to Minors Act (UTMA) expanded on the Uniform Gifts to Minors Act allowing all kinds of property such as bonds, real estate, and art to be transferred to minors and was adopted by most states. UTMA allows the property to...

unilateral

One-sided. Often describes action by one of multiple parties, without the agreement or participation of others.

See Bilateral, Multilateral, Mutual, and Unanimous.

unilateral contract

Definition

A unilateral contract is a contract created by an offer than can only be accepted by performance.

Overview

In a unilateral contract, there is an express offer that payment is made only by a party's performance. Another example of...

unincorporated

Not incorporated. Specifically -

1. A organization that has not been formed into a legal corporation.

2. Not combined or mixed with something else. Thus, in constitutional law, an unincorporated amendment of the U.S. Constitution...

unincorporated business organization (UBO)

An unincorporated business organization (UBO) is a business arrangement used in lieu of a company or partnership. The investor acts as the settlor of the trust and gives the management rights to the trustee, who holds title to the property...

uninsured motorist clause

Uninsured motorist clause is part of some car insurance policies which provides coverage for bodily injuries of the driver and their passengers if (1) the other driver did not have car insurance and (2) the other driver was at fault. Not...

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