Unilateral contract

A one-sided contract by which one party makes a promise to induce a second party to do something. The second party is not legally bound to perform; if the second party does comply, however, the first party is obligated to keep the promise.

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Uniform Commercial Code

A codification of commercial law, adopted in most states, that attempts to make uniform laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. Article 6 of the code regulates bulk transfers, that is, the sale of a business as […]

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Unearned increment

An increase in the value of a property caused by increased population, development, or demand for which the owner is not responsible.

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