A tying arrangement is an agreement in which the seller conditions the sale of one product (the “tying” product) on the buyer’s agreement to purchase a separate product (the “tied” product) from the seller. It is also considered a tying...
commercial transactions
UCC
UCC is an acronym for the Uniform Commercial Code. The UCC is a uniformly adopted set of state laws that regulates all commercial transactions in the United States. The uniformity of the UCC is crucial for businesses transacting across state...
UCC-1 Form
UCC-1 Form (commonly called a UCC financial statement) is a form that creditors should file with states in which they have a security interest in personal property. The financial statement serves a similar purpose as recording a deed for real...
unconscionability
Unconscionability is a defense against the enforcement of a contract or portion of a contract. If a contract is unfair or oppressive to one party in a way that suggests abuses during its formation, a court may find it unconscionable and...
uncovered option
See: naked option.
[Last updated in July of 2024 by the Wex Definitions Team]
underwriter
An underwriter is an institutional financial organization that assesses and assumes another party’s risk for a fee. Underwriters operate in the context of (1) securities offerings and (2) insurance.
(1) In the context of...
underwriting
Underwriting is the act of assuming a risk by insuring it, such as insuring life or property, or by agreeing to buy all or part of a new issuance of securities to be offered for public offering. It involves a financial institution (like a...
unearned income
Unearned income is money received from sources other than employment or business activities, such as interest, dividends, capital gains, or any income not directly tied to work efforts.
[Last updated in July of 2024 by the...
unfair competition
The law of unfair competition encompasses torts that cause economic harm to a business through deceptive or wrongful business practices. Unfair competition can be broadly divided into two categories:
Unfair competition: This term is...Uniform Commercial Code
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions, adopted in some form by every state and the District of Columbia. It aims to provide uniformity and consistency across states’ commercial laws...