wex definitions

unilateral

Unilateral refers to a one-sided action or decision performed by or affecting only one party, person, or group involved in a particular situation, without the agreement or participation of others.

See also: Bilateral,...

unilateral contract

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

In a unilateral contract, there is an express offer that payment is made only by a party’s performance. Common examples...

unincorporated

Unincorporated generally describes an entity or organization that has not been formally established as a legal corporation. This term can also refer to something not mixed or combined with another entity.

In constitutional...

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...

union security agreement

A union security agreement is an agreement between a labor union and an employer that the employer will require all employees to undertake a specified level of support for the union as a condition of employment.

This level...

union shop

A union shop is a place of employment where employees are required, as a condition of their continued employment, to have membership in a labor union. See: National Labor Relations Act, §§ 8, 14(b), as amended, 29 U.S.C.A. §§ 158, 164(b)....

unissued stock

Unissued stock is the stock that has been authorized for use in the company’s charter but that the company has not sold (issued) either to the shareholders or other investors in the market.

Unissued stock does not accumulate...

Unitary Executive Theory (UET)

The Unitary Executive Theory (UET) is a Constitutional law theory that states the President of the United States possesses sole authority over the Executive Branch. UET supporters believe the theory originated during the Constitutional...

United Nations

The United Nations (UN) is one of the main international organizations and actors in international law. The UN was founded in June 26, 1945 following WWII with the express purpose of guarding peace and preventing war. The principal...

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