General terms

Question 1

Grievance

Answer 1

Complaint

Question 2

Absenteeism

Answer 2

Practice of staying away from work, often without a good reason

Question 3

To arbitrate

Answer 3

To try to settle a disagreement between people

Question 4

Sleeping partner

Answer 4

A partner who does not actively take part in business

Question 5

Holding company

Answer 5

Hold more than 50% of the shares of another company

Question 6

To repeal

Answer 6

To make an official statement that smth is not legally valid anymore

Question 7

To stop

Answer 7

to avert

Question 8

To tell off

Answer 8

reprimand

Question 9

To waive

Answer 9

to not use all the rights one has

Question 10

Clearly defined

Answer 10

Borne

Question 11

Hereinabove

Answer 11

Previously in this document

Question 12

Hereinafter/ hereunder

Hereafter

Answer 12

• Later referred to in this matter of document

- From now on or at some time in the future

Question 13

Heretofore

Answer 13

before now

Question 14

Proprietor

Answer 14

Owner

Question 15

Memorandum

Answer 15

written record

Question 16

Duress

Answer 16

when one party induces the other into entering a contract using threat, violence, economic pressure etc

Question 17

Damages

Answer 17

money awarded by a court in compensation for loss or injury

Question 18

Indemnify

Answer 18

to compensate for damage or loss OR to protect against damage

Question 19

Lien

Encumbrance

Answer 19

Type of encumbrance. Right to keep debt until its paid.

- A liability such as a mortgage or charge which is often attached to a property or a piece of land

Question 20

Hold harmless

Answer 20

will not sue the other party

Question 21

Blue chip

Answer 21

a share in a large and relatively safe company

Question 22

Foreclosure

Answer 22

A transfer of ownership

Question 23

Reciprocal

Answer 23

given and received in return

Question 24

Usury

Answer 24

A practice of making unethical or immoral loans that unfairly enrich the lender. (Very high interest rate)

Question 25

Statutes

Answer 25

Law enacted by a legislative body

Question 26

Ordinance

Answer 26

Law enacted by a city, town or local government

Question 27

Administration

Answer 27

A business that is in the hands of a trustee, who must act in the interests of the creditors.

Question 28

Adverse material breach

Answer 28

A breach usually so significant that it leads to the right to terminate the contract

Question 29

Assignment (Assignor - Assignee)

Answer 29

the unconditional legal transfer of the ownership of something.

Question 30

Avoidance of doubt

Answer 30

to make absolutely clear

Question 31

Best endavours

Answer 31

using every reasonable course of action available to make sure that something is achieved.

Question 32

Breakdown

Answer 32

An itemised list that shows how total was reached

Question 33

Conditions precedent

Answer 33

A pre-contractual conditions. (unless/if this happens..)

Question 34

Construed

Answer 34

interpreted

Question 35

Consideration

Answer 35

The thing that each party give/ exchange within an agreement

Question 36

Derivative

Answer 36

Something that has been produced or developed from smth else

Question 37

Discharged

Answer 37

Obligation has been fulfilled or does not exist anymore

Question 38

Joint and several

Answer 38

nature of liability where on of the parties to a contract comprises more than on person (e.g Party A is one person, Party B partnership of 3 people)

Question 39

To levy

Answer 39

To impose and collect tax

Question 40

Force Majeure

Answer 40

An event such as hurricane or tornado etc that prevents one party from carrying out obligations under a contract

Question 41

Forfeit

Answer 41

to lose a right to do or have something because you have broken a rule

Question 42

Goodwill

Answer 42

Financial value put on business due to its good reputation

Question 43

Grounds

Answer 43

legal reasons

Question 44

Injunction

Answer 44

official order from a court for a person to stop doing smth or not do it at all