A debtor is someone who owes a financial obligation (a “debt”) to another, known as the creditor. An example of a debtor-creditor relationship is where a bank lends money to an individual or company, on the basis that the money has to be paid back…
The law of negotiable instruments (also called commercial paper in the US) is an area of commercial and business law which sets out the general rules that relate to certain documents of payment. A negotiable instrument is a document which promises the payment of a…
Secured transactions are an essential part of commercial law and many everyday transactions as well. In a secured transaction a borrower agrees that the lender (the secured party) may take property (“collateral”) owned by the borrower should the borrower default on the loan. In other…
Answers to the questions our lawyer-linguists have received most often over the years. What are common law and equity? The term common law is confusing as it has a different meaning depending on the context. The term can refer to: (1) the law that is…
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The practice of law is a wide and varied area of employment ranging from academic studies to lawyers working for law firms. Each country has different education systems, different requirements for certain types of work and different titles for its lawyers. The following is therefore…
The following is a brief summary about the broad area of the law referred to as “sale of goods” designed to provide the Legal English teacher with information supplemental to that set forth in the International Legal English coursebook. Contracts relating to the sale of…
Every party who files a lawsuit seeks a remedy. As defined in Black’s Law Dictionary, a remedy is “the means by which a right is enforced or the violation of a right is prevented, redressed, or compensated.” The word “remedy” in a legal context has…
Often known by the abbreviation “IP”, is an umbrella term referring to creations of the mind or intellect, e.g., inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. Intellectual property is sometimes divided into two categories: (i) industrial property, which…
Real property is a legal term referring to real estate (permanent, immovable property) and its ownership interests. In the most general sense, the term real property refers to land, meaning not only the earth but everything of a permanent nature over or under it including…
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