Terms

Question 1

Gratuitous alienation

Answer 1

A gratuitous alienation is a transfer of property from a debtor to another party for no consideration or an inadequate consideration

Question 2

Personal insolvency

Answer 2

Personal insolvency is simply defined as when you are unable to pay your debts as and when they fall due. The most well-known form of personal insolvency is bankruptcy, but this is usually not the best option for those needing help, or indeed for creditors seeking payment.

Question 3

Inhibition

Answer 3

(Latin inhibere, to restrain, prevent) is an act of restraint or prohibition, for a writ from a superior to an inferior court, suspending proceedings in a case under appeal, also for the suspension of a jurisdiction.. ..

Question 4

Diligence

Answer 4

Diligence is a term with no single definition, but is commonly used to describe debt collection and debt recovery proceedings against a debtor by a creditor in Scottish court

Question 5

Cautionary obligations

Answer 5

Cautionary obligations are guarantees that, should the principal debtor fail to perform obligations owed to the creditor, the cautioner will perform instead. it follows that the debtor must have breached the principal obligation before the creator may seek to enforce the caution.

Question 6

Indemnity

Answer 6

Indemnity means making compensation payments to one party by the other for the loss occured. Indemnity is based on a mutual contract between two parties (one insured and other insurer) where one promises the other to compensate for the loss against payment of premiums.

Question 7

Disparate /ˈdɪsp(ə)rət/

Answer 7

essentially different in kind; not able to be compared.

Question 8

commerce

Answer 8

the activity of buying and selling, especially on a large scale.

Question 9

enshrined /ɪnˈʃrʌɪn,ɛnˈʃrʌɪn/

Answer 9

preserve (a right, tradition, or idea) in a form that ensures it will be protected and respected.

Question 10

Contracts of adhesion

Answer 10

An adhesion contract (also called a “standard form contract” or a “boilerplate contract”) is a contract drafted by one party (usually a business with stronger bargaining power) and signed by another party (usually one with weaker bargaining power, usually a consumer in need of goods or services).

Question 11

Duration

Answer 11

In English law, the term of a contract is its duration: the amount of time that the contract will remain in force

Question 12

Indefeasibility

Answer 12

Not capable of being annulled or voided or undone an indefeasible right

Question 13

Dividends

Answer 13

Dividends are regular payments of profit made to investors who own a company’s stock. Not all stocks pay dividends. … Dividends are payments a company makes to share profits with its stockholders. They’re paid on a regular basis, and they are one of the ways investors earn a return from investing in stock.

Question 14

bailee

/beɪˈliː/

Answer 14

a person or party to whom goods are delivered for a purpose, such as custody or repair, without transfer of ownership.

Question 15

Preliminary issues

Answer 15

In civil proceedings, an issue ordered to be tried before the main trial of the case. An order for the trial of a preliminary issue may be made by the court if the preliminary issue (which may be a question of law) will be decisive or potentially decisive in the case.

Question 16

Pro tanto

Answer 16

done or existing to a given extent.

Question 17

Sui generis

Answer 17

unique

Question 18

A fortiori

Answer 18

used to express a conclusion for which there is stronger evidence than for a previously accepted one.
“they reject all absolute ideas of justice, and a fortiori the natural law position”

Question 19

bunker

/ˈbʌŋkə/

Answer 19

a large container or compartment for storing fuel

Question 20

propel

/prəˈpɛl/

Answer 20

drive or push something forwards.

Question 21

Insolvency

Answer 21

Insolvency is a state of financial distress in which a person or business is unable to pay their debts. Insolvency in a company can arise from various situations that lead to poor cash flow. When faced with insolvency, a business or individual can contact creditors directly and restructure debts to pay them off.

Question 22

propulsion

/prəˈpʌlʃ(ə)n/

Answer 22

the action of driving or pushing forwards.

Question 23

Restructuring

Answer 23

Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs

Question 24

Default

Answer 24

failure to fulfil an obligation, especially to repay a loan or appear in a law court.

Question 25

retention | /rɪˈtɛnʃ(ə)n/

Answer 25

the continued possession, use, or control of something.

Question 26

reinstatement | /ˌriːɪnˈsteɪtm(ə)nt/

Answer 26

the action of giving someone back a position they have lost; the restoration of something such as a law or custom.

Question 27

exhortation | /ɛɡzɔːˈteɪʃ(ə)n/

Answer 27

an address or communication emphatically urging someone to do something

Question 28

invective | /ɪnˈvɛktɪv/

Answer 28

insulting, abusive, or highly critical language

Question 29

Sacrosanctity

Answer 29

the declaration of physical inviolability of a temple, a sacred object.

Question 30

exploitation | /ɛksplɔɪˈteɪʃ(ə)n/

Answer 30

the action or fact of treating someone unfairly in order to benefit from their work

Question 31

adversarial | /ˌadvəˈsɛːrɪəl/

Answer 31

involving or characterized by conflict or opposition; (of a trail or legal proceedings) in which the parties in a dispute have the responsibility for finding and presenting evidence.

Question 32

parricide | /ˈparɪsʌɪd/

Answer 32

the killing of a parent or other near relative

Question 33

preliminary | /prɪˈlɪmɪn(ə)ri/

Answer 33

preceding or done in preparation for something fuller or more important

Question 34

obscure | /əbˈskjʊə/

Answer 34

not discovered or known about; uncertain

Question 35

evanescent | /ɛvəˈnɛs(ə)nt,iːvəˈnɛs(ə)nt/

Answer 35

vanishing; soon passing out of sight, or existence; quickly fading or disappearing

Question 36

adjacent | /əˈdʒeɪs(ə)nt/

Answer 36

adjoining, next to or adjoining something else

Question 37

superficial | /ˌsuːpəˈfɪʃ(ə)l/

Answer 37

existing or occurring at or on the surface; appearing to be true or real only until examined more closely

Question 38

impound | /ɪmˈpaʊnd/

Answer 38

seize and take legal custody of (something, especially a vehicle, goods, or documents) because of an infringement of a law

Question 39

reconcilable | /ˈrɛk(ə)nsʌɪləbl,ˌrɛk(ə)nˈsʌɪləbl

Answer 39

capable of being reconciled; compatible

Question 40

depict | /dɪˈpɪkt/

Answer 40

represent by a drawing, painting, or other art form; portray in words; describe

Question 41

encomium | /ɛnˈkəʊmɪəm/

Answer 41

a speech or piece of writing that praises someone or something highly

Question 42

redundant | [rɪˈdʌnd(ə)nt]

Answer 42

(of a person) no longer employed because there is no more work available

Question 43

alternately | [ɔːlˈtəːnətli]

Answer 43

with two things continually following and succeeded by each other; one after the other

Question 44

ultimately | /ˈʌltɪmətli/

Answer 44

finally, in the end

Question 45

Bill of lading

Answer 45

A bill of lading is a document issued by a carrier to acknowledge receipt of cargo for shipment.

Question 46

assert | /əˈsəːt/

Answer 46

state a fact or belief confidently and forcefully

Question 47

imbricate

Answer 47

overlap or cause to overlap

Question 48

estoppel | /ɪˈstɒp(ə)l/

Answer 48

the principle which precludes a person from asserting something contrary to what is implied by a previous action or statement of that person or by a previous pertinent judicial determination