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Conflict theory highlights the power differences between social groups.
Secured Creditor
A creditor who has a claim on property of the debtor, giving him priority on that property over other creditors.
Guarantee
A formal promise or assurance, typically in writing, that certain conditions will be met or that a product will perform as stated.
Default
Failure to fulfill a legal obligation or condition, such as not making a scheduled payment on a loan.
Right of Distress
The legal ability of a landlord to seize a tenant's assets for unpaid rent or other dues.
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