United States v. Darby is a Supreme Court of the United States case that revolves around the Fair Labor Standards Act of 1938 and issues of federalism. Congress set out federal standards for employment conditions, specifically...
COMMERCE
universal life insurance
Universal life insurance is a type of life insurance that lasts for the life of the insured and has flexible premiums, death benefits, and cash value. Universal life insurance operates similarly to whole life insurance in that the insured...
unjust enrichment
Overview
Unjust enrichment occurs when Party A confers a benefit upon Party B without Party A receiving the proper restitution required by law. This typically occurs in a contractual agreement when Party A fulfills his/her part of the agreement and...
unlawful detainer
An unlawful detainer, also known as an eviction lawsuit, is a summary proceeding to determine the right to possession of real property. Moreover, the sole issue in an unlawful detainer action is possession of the premises, and no other issue...
unseasoned issuer
An unseasoned issuer is any issuer subject to period reporting requirements, i.e. is a public company, but who is not eligible to file a Form S-3 or a Form F-3 for a primary offering, i.e. is not a seasoned issuer or a well-known seasoned...
usage of trade
Under section 2 of the Uniform Commercial Code, usage of trade is often used to aid in interpreting contracts and to give terms particular meanings. A usage of trade is a practice or method of dealing having such regularity of observance in a place,...
usurious
Usurious is an adjective that means practicing, constituting, or amounting to usury; charging an illegally high interest rate on a loan.
[Last updated in August of 2021 by the Wex Definitions Team]
usury
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...
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...