Looks like my code when it's a three-liner and it really is a bit much to be coding (in my Algebra program):
(loop for denominator in denominators...
You are right (guessing at the implicit): "list" is a terrible name for a variable unless someone really is writing a general purpose list manipulation function, but we do see "lst" quite a bit over on c.l.lisp.
btw, the real question is whether you see "list" as a variable name in the Scheme source.