The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: L

LOCAL AREA NETWORK (LAN)

Two commercially and industry known major LAN standards are Ethernet and Token Ring. data communication system user-owned. user-operated. Either a short-distance cable and/or wireless-based device connection. Interconnects one or more servers with

LODGE

A local rest-stop providing basic amenities along with inexpensive overnight accommodation.

LOG-LINEAR LEAST-SQUARES METHOD

Statistical estimation technique for straight-line, linear relationships between two or more variables. A dependent variable is influenced by one or more independent variables in this case. The data values, converted to their

LONG ARM STATUTE

The jurisdiction of foreign courts is extend to local territory, usually on a reciprocal basis for specific types of cases, by this local law.

LONG TERM DEBT

Some amount due from the balance sheet date for 12 months or longer. A bank loan, mortgage bonds, debenture, or other obligations not due for one year are several examples. In a

LONG-RUN AGGREGATE SUPPLY

in a specific period of time, produced and tracked across the national economy, this is the total amount of goods and services .

LOSS CONSTANT

Compared to other risks in the same classification, this amount intends to offset greater-than-average losses most smaller risks have.

LOSS LIMITATION

Retrospective rating formulas component. Calculating the final premium with a designed catastrophic losses limit versus full hit reporting.

LOSS RESERVE

Insurer’s estimated time-bound total unpaid claim liability as held money. Includes unreported claim events, committed unpaid rulings, and payouts committed yet not due.

LOW CARBON STEEL

More ductile and malleable steel type. Can be made into thin sheets suitable for autobody panels. Contains 0.005 to 0.3 percent carbon, and less than 0.6 percent manganese. that

LACONIC

To the point; using as few words as possible to form a point; straightforward.

LAND IMPROVEMENT

Adding driveways, fencing, parking spaces, pavements, walls, and the like as limited-life enhancements to a parcel of developed land. Also refer to land development.

LAPSE OF OFFER

Offer termination, regardless of the reason, other than completion of the deal. An offer lapses due to (1) expiration date reached; (2) a reasonable period has gone by, having no specified expiration

LAST SALE

Commodity or security price on last transaction executed and posted on an exchange.

LATIN AMERICA

Western Hemisphere designated member countries/areas where mainly Spanish or Portuguese is spoken. These include Mexico, Central America except Belize, and South America except French Guyana, Guyana, and Suriname.

LAW OF THE LAND

The collection of traditions, customs, statutes, usages, and laws of a country that apply to everyone, including the government, under the jurisdiction of its courts. Also refer to legal system.

LEAD INVESTOR

Typically the venture capitalist initiating the deal, acting on behalf of the other investors. Oftentimes it is the partner or investor with the largest share of capital in a syndicated financing arrangement.

LEADING ECONOMIC INDICATORS (LEI)

Ten underlying economic indicators as a composite index. Individually or combined, their trends predict changes in the economic cycle. Conference Board releases a report on this composite on or around the 20th

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