What is Universal Time?

Legal Definition
Universal Time (UT) is a time standard based on Earth's rotation. It is a modern continuation of Greenwich Mean Time (GMT), i.e., the mean solar time on the Prime Meridian at Greenwich, London, UK. In fact, the expression "Universal Time" is ambiguous (when accuracy of better than a few seconds is required), as there are several versions of it, the most commonly used being Coordinated Universal Time (UTC) and UT1 (see below). All of these versions of UT, except for UTC, are based on Earth's rotation relative to distant celestial objects (stars and quasars), but with a scaling factor and other adjustments to make them closer to solar time. UTC is based on International Atomic Time, with leap seconds added to keep it within 0.9 second of UT1.
-- Wikipedia
Legal Definition
Modern name for Greenwich Mean Time or GMT.