Legal Articles

USURY

In old English law. Interest of money; increase for the loan of money ; a reward for the use of money. 2 111. y Comm. 404. In modern law. Unlawful interest; a premium or compensation paid or stipulated to be paid for the use of money borrowed or returned, beyond the rate of interest estab- lished by law. Webster. Au unlawful contract upon the loan of money, to receive the same again with ex- orbitant increase. 4 Rl. Comm. 150. Usury is the reserving and taking, or contracting to reserve aud take, either directly or by indirection, a greater sum for the use of money than the lawful interest. Code Ga. 1SS2,

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UTILIDAD

Span. In Spanish law. The profit of a thing. White, New Recop. b. 2, tit. 2, c. 1.

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USURIW CENTESIMAL

Twelve per cent, per annum ; that is, a hundredth part of the principal was due each month,

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UNFAIR COMPETITION IN TRADE

See UNFAIR.

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UNILATERAL AND BILATERAL

A unilateral contract is one in which one party makes an express engagement or undertakes a performance, without receiving in return any express engagement or promise of performance from the other. Bilateral (or reciprocal) contracts are those by which the parties expressly enter into mutual engagements, such as sale or hire. Civ. Code La. art. 1758; Poth. Obi. 1, 1, 1. 2; Montpelier Seminary v. Smith, 69 Vt. 382, 38 Atl. 66; Laclede Const. Co. v. Tudor Ironworks, 169 Mo. 137, 09 S. W. 388.

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UPSET BID

A bid made after a judicial sale, but before the successful bid at the sale has been confirmed, larger or better than such successful bid, and made for the purpose of upsetting the sale and securing to the “upset bidder” the privilege of taking the property at his bid or competing at a new sale. Yost v. Porter, 80 Va. 858.

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UISDATE

A false or erroneous date affixed to a paper or document

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