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unenforceable contract:
a contract that has all the elements of a valid contract, yet neither party cans
sue the other to force performance of it.
Uniform Commercial Code:
a codification of commercial law, adopted in mist states, that attempts to make
uniform all laws relating to commercial transactions, including chattel
mortgages and bulk transfers.
Uniform Settlement
Statement: a closing cost statement
required by RESPA for the closing of certain real estate transactions.
unilateral contract: a one-sided contract wherein one party makes a promise in order to
induce a second party to do something.
unity of ownership: the four unities that traditionally are needed to create a joint
tenancy-unity of title, time, interest, and possession.
useful life:
a period of time over which an asset, such as a building is expected to remain
economically feasible to the owner.
usury:
charging interest at a rate higher than the maximum rate by state law.
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