Definition: a general agent; one authorized to act on behalf of another
Pronunciation: \ˌyü-nə-ˈvər-səl\ \ˈā-jənt\
Used in a Sentence: The seller appointed his attorney to act as his universal agent in the handling of his trust.
Definition: individual prerequisites required to constitute a single joint tenancy
Used in a Sentence: A joint tenancy can only exist with the four unities of possession, interest, title, and time are present.
Definition: an agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party
Pronunciation: \ˌyü-ni-ˈla-tə-rəl\ \ˈkän-ˌtrakt\
Used in a Sentence: A unilateral contract obligates only one party to an agreement.
Definition: a contract that was valid when made but either cannot be proved or will not be upheld by a court
Pronunciation: \ˌən– in-ˈfȯr-sə-bəl\ \ˈkän-ˌtrakt\
Used in a Sentence: Because the contract was not in writing as required by state statutes it was an unenforceable contract.
Definition: an interest in the entire property, rather than ownership of a particular part of the property
Used in a Sentence: Mark and Craig have an undivided interest in the lakefront property.
Definition: the analysis of the extent of risk assumed by a lender in connection with a proposed mortgage loan
Used in a Sentence: We had to wait for approval of our mortgage until the underwriting process was completed.
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