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undivided interest |
A right to possess and use real property in
conjunction with other co-owner(s), in which each owner is entitled to
undivided possession and use of the whole property See TENANCY IN
COMMON. |
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unenforceable contract |
A contract that seems on the surface to
be valid, yet neither party can sue the other to force performance of
it. For example, an unsigned contract is generally unenforceable. |
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Uniform Commercial Code |
A codification of commercial law,
adopted in most states, which attempts to make uniform all 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—the sale of a business as a whole, including all
fixtures, chattels, and merchandise. |
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unilateral contract |
A one-sided contract wherein one party
makes a promise in order to induce a second party to do something. The
second party is not legally bound to perform; however, if the second
party does comply, the first party is obligated to keep the promise. |
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unity of ownership |
The four unities which are traditionally
needed to create a joint tenancy—unity of title, unity of time, unity of
interest, and unity of possession. |
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urban renewal |
The acquisition of run-down city areas for
purposes of redevelopment. useful life In real estate investment, the
number of years a property will be useful to the investors. usury
Charging interest at a higher rate than the maximum rate established by
state law. |
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valid contract |
A contract that complies with all the
essentials of a contract and is binding and enforceable on all parties
to it.
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VA loan |
A mortgage loan on approved property
made to a qualified veteran by an authorized lender and guaranteed by
the Veterans Administration to limit possible loss by the lender.
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variance |
Permission obtained from zoning
authorities to build a structure or conduct a use that is expressly
prohibited by the current zoning laws; an exception from the zoning
ordinances.
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vendee |
A buyer.
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vendor |
A seller.
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voidable contract |
A contract that seems to be valid on the
surface, but may be rejected or disaffirmed by one of the parties. |
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void contract |
A contract that has no legal force or effect
because it does not meet the essential elements of a contract. |
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voluntary transfer |
an exchange of property, cash or something
of value in which money is not exchanged. A father may provide a
voluntary transfer of land our something of value. Often voluntary
transfers may be used to avaoid inheritance taxes.See ALIENATION. |
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